THE managers of MacarthurCook Industrial Reit (MI-Reit) - MacarthurCook Investment Managers (Asia) Ltd - announced yesterday the fulfilment of conditions needed for the extension of MI-Reit's $202.3 million debt facility. The extension had been subject to documentation and satisfaction of certain conditions precedent, which the investment managers stated were 'within the control of MI-Reit'. Under the terms of the second extension, an event of default under the extension includes a failure by MI-Reit to settle the acquisition of a property in the International Business Park.

The facility will now come due on Dec 31 and is MI-Reit's second extension in a bid to negotiate longer-term refinancing of its debt with lenders National Australia Bank and Commonwealth Bank of Australia. At the end of March, MI-Reit was granted its first extension - a 60-day one for its $220.8 million debt facility that would have matured in April.