GIC's mezzanine loan to DFO in jeopardy

The Sydney Morning Herald, 17 Aug 2010
A KEY part of the DFO retailing empire has been crushed by up to $550 million in debt, throwing into doubt the future of the entire factory outlet chain. Banks are likely to appoint receivers Korda Mentha as early as today to South Wharf Retail, which owns South Wharf DFO in Melbourne. Company loan documents show South Wharf Retail owes about $450 million to four banks, Suncorp-Metway, St George, NAB and Bank of Scotland International. Another $50 million to $100 million is believed owed to mezzanine financiers, which loan documents show are Singapore's state-owned GIC Real Estate and a fund run by Australian developer Mirvac. Full story