Property group Watpac has rolled over $216m of debt with its financiers, including the ANZ Bank.

Under the new agreement, the Queensland group's existing debt facilities have been extended for two years, to mature in December 2010.

Watpac had about $216m of group debt, of which $199m related to its property development activity.

The property debt is directly secured against the company's property portfolio, valued (at cost) at $340m.

The Australian