A subsidiary of prominent Sydney-based real estate fund manager iProsperity Group has been placed in the hands of receivers after not paying interest of more than $3 million due on loans provided by ASX-listed Agricultural Land Trust (ALT).
The A-REIT minnow, majority owned by West Australia land mogul Allen Caratti, said it had appointed David Levi of Levi Consulting as receiver of iProsperity Underwriting after it had "not remedied the various events of default that existed".
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Larry Schlesinger writes on real estate, specialising in commercial and residential property. Larry is based in our Melbourne newsroom. Connect with Larry on Twitter. Email Larry at larry.schlesinger@afr.com
