AA Reit's turnaround after 5 years

Singapore

OVER five years after AIMS AMP Capital Industrial Reit (AA Reit, and formerly known as MacarthurCook Industrial Reit or MI Reit) changed managers, it has also switched its investment strategy and capital management practices.

In an interview with BT on Wednesday just after its Q1 results release, AIMS Financial Group chairman George Wang said the Reit has turned around from its painful times.

Back story: In November 2009, MI Reit was not in good shape, with high gearing and huge debts due all at the same time. It would have had to be liquidated if its highly dilutive recapitalisation plan had not been approved by unitholders. Its stock was also trading at a major dis…