S&P withdraws ratings on two APN Property Funds
Standard and Poor’s (S&P) has withdrawn its rating on both the APN Property Income Fund and APN Property Income Fund No. 2 as a result of a continued temporary suspension of the funds’ applications and redemptions.
APN’s decision not to have the funds re-rated follows its decision to have the funds placed ‘on hold’ by S&P in October last year as the funds' unlisted and listed properties securities allocations fell out of balance.
This issue is yet to be resolved, however, the manager has advised that it is close to announcing a resolution to the suspension of fund applications and redemptions, according to S&P.
APN chief executive real estate securities Michael Doble said they have narrowed a resolution down to a “couple of real options”, however, he could not comment further.
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