THE financiers of the Campbelltown Shopping Square, which is owned by a subsidiary of Metroland Australia, have appointed receivers to the asset.
Lender Perpetual Nominees Limited, as custodian for Colonial First State Wholesale Pooled Mortgage Fund, has exercised its power of the mortgage, and appointed Michael Gregory Jones of Jones Partner.
Metroland recently took a $3.8 million charge on the asset, which it bought in August 2006 for $14.8 million.
Metroland is believed to have a bank loan facility of $14.14 million principally secured over the Campbelltown Square property. The loan was reduced to $9.6 million last year following the sale of the Wentworthville Mall property, together with a further $1 million repayment. The loan was due for repayment in May 2012.
Earlier this month, Metroland Australia was brought out of administration. Control of the company has returned to the directors after they called in administrators in September after the company was unable to secure further funding from its lenders.
The company which has been trading on the ASX since 1997 and the company reported a $10.84 million loss for the year ended June 30 2012 down 897% – following a $1 million loss in the previous year.
At the time when administrators were appointed, Metroland had a net asset deficiency of $2.3 million and its current liabilities exceeded its current assets by $2.6 million. As at June 30 2012, total liabilities were $12.08 million compared to assets of $9.79 million.
Property Review
