Australian-owned U.S. REIT files for bankruptcy

WILMINGTON, Del. Jan 20 (Reuters) - Rubicon US REIT Inc filed for bankruptcy on Wednesday, according to court documents, five months after administrators found its Australian owner likely to be insolvent.

Property investment fund Rubicon US REIT is a subsidiary of Rubicon America Trust of Edgecliff, New South Wales in Australia. The fund suffered from soured investments in U.S. real estate.

The company listed assets and liabilities of between $100 million and $500 million in its bankruptcy filing.

According to its annual report for 2008, Rubicon America Trust had real estate investments worth $529 million as well as $61.6 million in commercial real estate loans.

The 2008 annual report also said Rubicon US REIT had issued about $100 million of notes.

Rubicon America Trust's parent, Rubicon Asset Management Ltd, was found likely to be insolvent, according to a letter from administrators on Rubicon America Trust's website. The administrators, Grant Thornton, also said it was likely Rubicon Asset Management would be liquidated. (Reporting by Tom Hals; Editing by Valerie Lee)