03/05/2010 - 12:39

Axiom arranges standstill deal

03/05/2010 - 12:39

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Developer Axiom Properties has agreed to a standstill arrangement with its financier over its half-owned Gepps Cross Bulky Goods Centre in Adelaide.

Axiom arranges standstill deal

Developer Axiom Properties has agreed to a standstill arrangement with its financier over its half-owned Gepps Cross Bulky Goods Centre in Adelaide.

Under the terms of the arrangement, the bank has agreed not to enforce its rights in relation to any breach of this facility until June 30 2010.

Axiom said both parties are currently working on a mutually acceptable arrangement for a longer period extending beyond this date.

"This is a very positive step for Axiom in achieving this first arrangement, and we are appreciative of the continued support for our group and the asset," managing director Ben Laurance said.

"This is testament to the underlying quality of the Gepps Cross project and to the underlying strength of the income, tenant mix and profile."

The Gepps Cross Centre recently announced the securing of major retailers The Good Guys, Rebel Sport, Everyday Living and Mountain Design.

The Centre is now 95 per cent leased to the majority of Australia's best bulky goods retailers.

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