Prime Trust confirms sales and cash challenge

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Reporting to its unit holders, prime trust acknowledged that their sale rates for their 12 core retirement villages (3,600 ILU’s) has dropped from 7% to 8% to just 4.5%. This equates to a 40% decline on sales expectations and cash flow. They have 200 ILUs vacant (the equivalent of one entire village) but just 50 with deposits made. At $350,000 per ILU, the 200 properties equate to $70 million.

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