Tenant troubles resolve by Pub Fund
ING Real Estate Entertainment Fund (IEF) recently claimd that they don’t have any problem in regards with their financial stability. Theyadded that they have actrually strong relationships with the lenders across the country. However the pub fund just a few days ago reported that it having a difficult situation with one of his tenants the Alchemy Group as it was enetr voluntary administration. Then its biggest tenant the Icon Hospitality Management might need a rent deferra period.
According to The Sydney Morning Herald the ING spokesperson said to them that the pub hand had recently received two hotels to rents for the holiday, in which the totat amount of liability is now $340,000. As of now IEF and Icon Hospitality Management, which runs the Bourbon in Kings Cross and the Martin Place Bar in regards with rewiews and money negotiation.
“The fund is working through a number of scenarios in conjunction with Icon and its lenders,”. As part of the refinancing package being discussed, the fund is currently considering providing Icon with a two month rent deferral period” an IEF spokesperson told TheShout.
