ISPT, one of the country’s biggest property investors for industry superannuation funds, has plunged to a $1.5 billion loss in its flagship vehicle as real estate values fell and the cost of servicing its debt rose.
It is one of the biggest single losses in the property sector over the past year as the disruption in commercial real estate finally makes its way into the accounts of the big unlisted landlords, super funds and fund managers.
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Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts. Connect with Nick on Twitter. Email Nick at nlenaghan@afr.com
