Investors in an unlisted property fund might avoid losing their entire investment after the sale of two shopping centres is finalised in coming weeks.

In a letter in September, MacarthurCook Funds Management warned that investors in the MacarthurCook Retail Property Trust might lose the capital invested in the fund.

MacarthurCook's head of property, Russell Bullen, told The Australian it would be a 'very disappointing outcome' if the fund was unable to return capital to investors. The manager blamed the state of the property market, which saw asset values contracted sharply.

The Australian