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Maat syndicates breach debt covenants as interest rates rise

Falling property values and higher interest costs take their toll, although banks appear tolerant to date.

The office building in Cashel St, Christchurch, owned by the Maat syndicate.

Tim Hunter Mon, 07 Aug 2023

Rising interest rates have triggered bank covenant breaches at property syndicates run by Maat Consulting, with several reporting the need for additional funding.

Maat runs 11 syndicates that raised a total of about $180 million from the public to buy commercial properties, with the balance of

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Tim Hunter Mon, 07 Aug 2023
Contact the Writer: thunter@nbr.co.nz
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Maat syndicates breach debt covenants as interest rates rise
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