AREA Property Partners, the New York-based firm, is reportedly in talks to inject equity into the UK’s Junction retail park fund.
The firm wants to take the majority of a planned placing of units, said the Financial Times, which is being engineered by Capital & Regional, the manager of the Junction fund to help alleviate pressure on loan to asset covenants.
It said AREA planned to take up part of units being placed at a value of more than €65 million.
AREA already has a relationship with Capital & regional. Last year, it agreed to take a 50 percent stake in the firm’s German property business for around €65 million.
Capital & Regional, which is a listed property company, has been looking at ways to reduce debt. Options for the retail park fund included asset sales, a rights issue and a debt-for-equity swap, according to the report, which added that the Junction fund’s loan covenants complied with banking tests at the end of 2008.
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