KPMG raises concern over MacarthurCook Industrial REIT

Got this news from Channel news Asia:

KPMG, the auditor for MacarthurCook Industrial REIT (MI Reit), said the property trust's ability to continue depends on whether it can refinance borrowings which are due by the end of the year.

It did not qualify its opinion.

The trust has total borrowings of S$224.3 million that are maturing this December. It has also committed to buying a property for S$91 million, which is expected to be settled in the last quarter of 2009.

In a filing with the Singapore Exchange, MacarthurCook Industrial said it is working to refinance the borrowings and to secure funds for the acquisition of the property