Arena REIT (ASX:ARF) said it is taking steps to protect its interests in the Edge Early Learning portfolio as administrators seek expressions of interest (EOI) to acquire all or part of the Edge business, according to a Thursday filing with the Australian bourse.
The administrators have advised families that all Edge centers remain open and operating as usual, while notifying the company of plans to lease and pay rent on 27 of its properties during the EOI period, per the filing.
The company said it has term sheets in place for 20-year leases with a new tenant at two recently completed properties previously leased to Edge, while it will take control of two South Australian properties where services have been suspended and seek replacement tenants, the filing said.
The company retains all legal rights over the Edge portfolio and holds around AU$4 million in bank guarantees and security deposits, while continuing to work with administrators to maximize long-term outcomes for securityholders, the filing added.