The downgrade follows LMIR Trust’s announcement on 27 December 2023 that the tender offer for its senior unsecured notes due in 2024 and 2026 would proceed and in Fitch’s view, such a tender offer constitutes a distressed debt exchange, as the transaction will lead to a material reduction in original terms of the notes and is being conducted to avoid a traditional default.

TOS,.. hoped you can see somewhere,... with the recent valuation drop of 1.5% onto the assets of Cromwell REIT, what is the Aggregate Leverage level now ?

“Given the €196.5 million in divestments in FY 2023 (at blended 11.7% premium to valuations), the recently completed €50 million bond buyback and the modest decline in CEREIT property valuations as at 31 December 2023 that was published on 15 January 2024, the Manager now anticipates reporting CEREIT’s net gearing at approximately 38.4% as at 31 December 2023, subject to audit and final Board signoff. Notably, CEREIT’s debt is hedged at 88% until the end of 2025 and is well placed to take advantage of the future turn in interest rate and real estate cycles”.

EC World continues to be mired in deep trouble: https://links.sgx.com/FileOpen/ECW_Update%2...t&FileID=782957

Valuation is highly subjective.
What did you expect.? 😄

Valuation of properties are by independent valuers?
Ireit's debt is almost 100% hedged to a rate. Next debt dateline is 2026?
Maybe that's why interest rate rise has not affected it that much

The Trustee-Manager has been advised by its legal adviser that, further to its review of the register of Unitholders, its legal adviser is of the opinion that the Requisitionists and Glory Class are not “unitholders” for the purpose of section 54 of the Business Trusts Act 2004.

Accordingly, both the Requisition Notices and the Notice are invalid. The legal adviser of the Trustee-Manager has written to BTPLaw LLC and Glory Class to inform them of the above and to request the Requisitionists not to proceed further with the EGM proposed to be convened pursuant to the Notice.

Notwithstanding the foregoing, the Trustee-Manager has extended an invitation to the Requisitionists and Glory Class to meet with the Board to discuss the issues set out in the Requisition Notices.