Mariner trust closes over subscribed

Mariner American Property Income Trust has closed its $75 million raising over-subscribed.

The capital will repay mezzanine debt used to buy two properties in the United States this year, as well as provide a $22 million cash reserve for future acquisitions.

MAPIT acquired One Centennial Plaza, New Jersey, in January 2007, and then the multi-tenanted 1700 Higgins Centre in Chicago in February.

Mariner Securities’ managing director Bill Ireland said the successful capital raising again demonstrates the appetite for investors for quality overseas property.

Australian Property Journal