| NEWS ARCHIVES |
| |
| CIT in talks with NAB on MI Reit recapitalisation: Dow Jones |
| 19 Nov 2009 |
| |
|
Cambridge Industrial Trust says it is in talks with National Australia Bank (NAB) about potentially funding any recapitalization of MacarthurCook Industrial REIT or M-I reit.
CIT’s CEO Chris Calvert told Dow Jones Newswires that CIT is talking with NAB and other banks about prospective arrangements.
NAB is CIT’s majority unitholder, having acquired a 56 percent stake in August last year.
It has acted as a financier to CIT and is also serving as a financier and underwriter to MI-REIT on a number of recapitalisation transactions.
This week, CIT launched a push to gain control of MI-REIT's management, having bought a key 9.8 percent stake in the trust earlier this month.
In the latest update, CIT said in a statement today that it has no plans to merge itself with MI REIT.
CIT has described MI-REIT's recapitalization plans as "massively value-destructive" for unitholders and is lobbying unitholders against MI Reit’s proposal.
MI-REIT is looking to raise some 217 million dollars through a series of transactions to refinance existing debt facilities and fulfill contractual obligations |