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Stockreport

Banks Reject Stock of REITs Tied to Resilient as Collateral [Bloomberg Business News]

BARCLAYS (BCS)  More Company Research Source: Bloomberg Business News
PDF A plunge in the share prices of South African real estate investment trusts tied to Resilient REIT Ltd. is starting to impact the ability of investors in the property companies to borrow using the stock as collateral. Investec Ltd.’s wealth unit informed customers that it would no longer accept the securities of Resilient, Fortress Reit Ltd., Greenbay Properties Ltd. and NEPI Rockcastle Plc to back loans from the beginning of this month, according to a note sent to clients. Standard Bank Group Ltd. is also looking into not accepting the shares as collateral, although it hasn’t made a final decision, according to a person familiar with the matter, who asked not to be identified as the information isn’t public. Lenders are getting tougher with the intertwined REITs after a slide in their shares made them 2018’s worst-performing property stocks globally. Fortress has dropped 61 percent this year, while Resilient has tumbled 51 percent after the funds came under scrutiny [Read more]

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