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Bulletin: Investa Commercial Property Fund Ratings Unaffected By Asset Acquisitions Dec 11
Standard & Poors, Dec 2011
Abstract
MELBOURNE (Standard & Poor's) Dec. 14, 2011--Standard & Poor's Ratings Services said today that its 'A-' issuer credit rating and 'A' issue rating on Australian unlisted entity Investa Commercial Property Fund (ICPF) are unaffected by ICPF's announcement on Dec. 13, 2011 that it would acquire from Investa Property Group a 50% (A$255.0 million) interest in 120 Collins Street, a landmark premium-grade Melbourne CBD office building and a 5.1% (A$29 million) interest in 400 George Street, New South Wales, taking its interest in that asset to 25%. The rating outlook remains stable. Although the ultimate purchase price is based on a two-stage valuation process that will not be concluded until 2012, ICPF's gain/loss is capped at 3.75% (A$9.6 million) of the...
Companies mentioned in this report are: Investa Commercial Property Fund
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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