Record Funds Management Limited, Manager of Record Realty Trust, Goes Into Receivership

Banking group HBOS appointed administrator KordaMentha yesterday.The bank is exposed with a direct debt of about $186 million.

Record Realty is an offshoot of the Allco Finance Group. Its portfolio includes almost 40 commercial property assets, mostly office buildings, in Australia, Europe and the United States.

At the end of June 30 2008, the company estimated it had asset under management of $1.93 billion, and debt of $1.76 billion.

KordaMentha administrator Craig Shepard told the Australian Financial Review "one of our first tasks will be to complete an immediate review of the investment portfolio with a view to seeking expressions of interest from buyers for the whole portfolio, or part of it.

In Melbourne, a half share of the group’s 1 Spring Street office building in the CBD has languished on the market since last year.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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