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Sygnus Real Estate Finance made $163.2 million loss in Q3

 
Sygnus Real Estate Finance made a $163.2 million loss in its third quarter ended May.
 
This compares to the $72 million loss made for the corresponding three month period last year.
 
Sygnus says the quarter's performance was linked mainly to higher net interest expenses due to a higher use of debt to bridge the growth in real estate investment assets.
 
Despite the quarter's loss, the nine-month results show a $2.7 million profit, down from $60 million last year.
 
However, Sygnus says it plans on exiting multiple investments throughout this year, which should help the company realise better returns.
 
During nine months to May 2023, the company says it deployed $2.82 billion in investment commitments, compared to $2.42 billion in the similar period last year.
 
Sygnus Real Estate Finance's total real estate investment assets increased by $27.9 per cent, exceeding $14 billion.


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