MacarthurCook Property Securities Fund says it has secured a 12-month extension to its existing $38.5 million debt facility with OCBC. The facility will now expire on 31 December 2011.

MacarthurCook says it is also in the process of completing a $1 million capital raising through a private placement of some 13.25 million units at 7.55 cents per unit. The placement is being undertaken by Austock.

Chief Executive Officer, Mr van Aanholt, who has also just been appointed as a Director of MacarthurCook, says: “The placement proceeds will partly be used to pay down the OCBC facility with the balance retained as working capital”.

But he says, “given the nature of MPS’s current investment in unlisted retail funds and the limited income currently being received from those investments, distributions will continue to be suspended until further notice”.