Rubicon US REIT Goes BK

Not much is known about Rubicon US REIT (a subsidiary of the larger Rubicon US Trust), but according to Reuters, the REIT with assets of $100-500M has filed for bankruptcy. Despite the talk of all the capital raised by REITs, Rubicon won’t be the last.

Property investment fund Rubicon US REIT is a subsidiary of Rubicon America Trust of Edgecliff, New South Wales in Australia. The fund suffered from soured investments in U.S. real estate.

The company listed assets and liabilities of between $100 million and $500 million in its bankruptcy filing.

According to its annual report for 2008, Rubicon America Trust had real estate investments worth $529 million as well as $61.6 million in commercial real estate loans.

[via Reuters]

Similar Posts:

• Opus South Files Chapter 11 BK
• Hines to Raise $3.5B in IPO
• Blockbuster Exploring Bankruptcy?
• Nortel Files For Bankruptcy Protection
• Ritz Camera Files Chapter 11 Bankruptcy