This article is from the Australian Property Journal archive
FUND manager Clarence Property has launched a capital raising for its flagship unlisted Westlawn Property Trust (WPT), after successfully completing its seventh offering, which closed over subscribed for $33 million.
WPT is forecasting a 7% cash distribution to investors (paid monthly) and an 8.6% gross distribution including franking credits.
Managing director Peter Fahey said WPT has not failed to pay a monthly distribution to unit holders since its inception in 1994.
“The past two years has been one of the most active periods in the history of WPT, which was established in 1994 with 13 investors and one property. Today it boasts more than 1,000 investors and nearly $250 million of commercial property under management, together with a 500-lot, $200 million master-planned community under construction at Lennox Head.
“When we went to the market to raise new capital in 2015, we were met with strong support from both existing and new investors based on our track record, with the fund having paid a distribution to investors every month since its inception,” he said.
Australian Property Journal
