Yesterday we reported that Investors Group Real Property Fund may be in trouble because the fund was assigned a “Mechanics Lien Notice” for improvements made to their vacant property at 5201 Ladner Trunk Road in Delta, BC. We insinuated that the fund may be having cash flow problems since they had not paid their bills.
Today my source revealed that the “Mechanics Lien” was removed from the plaster covered window. Does this mean Novacom Construction Ltd. was paid for services completed today? Is the Property Fund having cash flow issues or is their another reason for their failure to pay bills on time?
Many Commercial Property Funds in Canada are currently cash strapped due to high vacancies, lower rents, and higher incentives to sign lease terms. Only time will tell if this scenario is getting the best of this property fund.
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