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RNY Property considers sale of remaining assets to majority stakeholder Aurora

RNY Property Trust is discussing the sale of its entire 75% interest in its five remaining properties to Aurora Property Buy-Write Income Trust that holds 80.96% of RNY units post takeover.

The transaction will align with both the strategy of RNY's responsible entity, which calls for the wind up of the trust and distribution of any remaining cash to its unit holders, and Aurora's strategy of keeping the properties with the intention to recapitalize them. While RNY Australia Management Ltd. wishes to transfer the role of the trust's responsible entity to Aurora, the latter currently lacks the approval of the Australian Securities and Investments Commission.

The sale of the assets is being considered at a price equivalent to the debt due on the properties, along with a cash payment of US$100,000 and RNY's costs.

RNY said a binding agreement is subject to the consent of its unit holders, excluding Aurora and its associates. If the divestment does not go through, the properties may be lost to the lender, according to a release.