This article is from the Australian Property Journal archive
CLARENCE Property is seeking to raise $20 million for its flagship Westlawn Property Trust (WPT) to pay down debt and fund new investment opportunities.
Managing director Peter Fahey said the new capital raising will allow WPT to maintain its low loan to value ratio (LVR) following recent acquisitions, which have been chosen for their potential to deliver strong returns.
WPT’s portfolio has been bolstered by the staged acquisition of the $70 million, 136-lot Yamba Quays; the last canal-front community in New South Wales, following the 1996 State Government legislation to ban further canal development.
The trust now has more than $300 million in assets.
“Part of our strategy with WPT is to maintain close to a 50% LVR, so we don’t over-borrow to acquire new assets.
“We also re-invest in high performing long-term assets. We have just commenced a $5 million renovation program to improve yields and WALE at a number of our regional shopping centres, which have become the backbone of WPT,” Fahey said.
Australian Property Journal
