The US Masters Residential Fund, or URF, was created in 2011 by Dixon Advisory and was intended to raise money from clients of the respected advisory firm.
“The market is disappointed about the sale price, but the preference holders have had a big win. That reflects how prioritising [of the capital structure] works.”P, which is the responsible entity, had embarked on a “robust capital markets process”, with over 80 investors contacted and 21 entering into confidentiality agreements to conduct due diligence.
“At the end of the day it’s been a flawed model, they have overcapitalised their properties and had far too much debt,” said Mr Kingston.“But to give them some credit – of the four securities they have issued, at least on the three debt instruments, they are repaying everyone in full.”
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