Investment and advisory firm MA Financial has written down the value of its $2.2 billion secured real estate loan fund by about $40 million, citing a worsening property market and tighter lending conditions.
In an update sent to clients on Tuesday, MA Financial told unit holders that it had reduced the carrying value of its assets under management by 1.8 per cent. The adjustments, MA said, “relate to several investments experiencing extended development, sales or refinancing timeframes”.
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