This article is from the Australian Property Journal archive
ASPEN Group’s latest residential land syndicate, Enclave at St Leonards Limited, has met all offer conditions, paving the way for construction to start.
Aspen said the syndicate has met the offer conditions including a minimum subscription of $8 million is achieved and borrowing facilities secured by 28 February 2011.
“We are pleased to have achieved the offer conditions for Enclave, particularly in such a short period of time. Investor support for the capital raising has been very positive with the attractive forecast return and short two year timeframe striking a cord with property fund investors,” Managing director Gavin Hawkins said.
The Enclave syndication forms part of Aspen’s strategy to spin off non-core assets whilst at the same time build on the company’s funds management business by creating a new retail fund product.
Construction at Enclave is expected to commence in March 2011.
Australian Property Journal
