VPG not affected by this?Receivers appointed to Top Ryde (AFR...

VPG not affected by this?

Receivers appointed to Top Ryde (AFR Pg. 54)

Receivers McGrathNicol have been appointed to Top Ryde City Shopping Centre by a lending syndicate which is owed more than $600 million.
The lending syndicate includes the National Australia Bank, Royal Bank of Scotland, ING Real Estate Finance, Suncorp and ANZ.
The retail component of the $1.1 billion Top Ryde City development started in late 2007 and was reported to have cost $840 million, however the value of shopping centres have fallen in Australia and it is now worth hundreds of millions less.
Top Ryde City comprises 77,000 square metres of retail space including five major national retailers, numerous mini majors, cinema complex and more than 250 specialty stores.
The centre has traded well since the opening in August 2010.
The strategy by the receivers is to hold and trade rather than pursue a formal sale campaign. New management has been put in place to stabilise the centre.