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Runaway Aussie Property Market Prompts Fund to Reduce Debt

By Tony Seruga

Perpetual fund cuts real estate debt to 2.9% from 14.8% peak
Risks are rising for Aussie real estate: Perpetual’s Prabhu

Australia’s overheated property market has spurred one of the nation’s top-performing fixed income money managers to cut some of its real estate debt investments to the lowest level since the 2007 financial crisis.

Vivek Prabhu, the Sydney-based head of fixed income at Perpetual Ltd., is making the move as he braces for potential blow-ups in the nation’s A$7.6 trillion property market. He has whittled down the debt holdings of Australian real estate investment trusts within the A$926.4 million ($692.7 million) Perpetual Wholesale Diversified Income Fund to 2.9 percent from a peak of 14.8 percent in 2014…

Runaway Aussie Property Market Prompts Fund to Reduce Debt

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