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Irongate gets $45m funding from Bluestone-led group to repay bonds

Tuesday 6th July 2010

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Irongate Property will borrow $45 million from investors led by Bluestone Group, allowing it to repay bonds coming due this month.

The unprofitable property manager has until tomorrow to file its overdue annual report of risk suspension of its securities from the NZX. Irongate general manager Chris Minty had previously said there was some uncertainty about whether it could make the debt repayment.

Irongate, one of the units of the St Laurence group that escaped receivership, said it has agreed indicative terms for additional funding from Bluestone, according to a statement on Unlisted. The extra funds would “assist the company to reposition its property investment business and enhance its property portfolio,” it said.

Australia’s Bluestone is owned by institutional investors including Crescent Capital Partners and Barclays Bank Plc, according to its website.

Irongate last week revised its loss for the 12 months ended March 31 to $54.5 million from $50.5 million after advice from its auditors over its exit from National Property Trust. It sold units in the trust to repay debt.

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