Entrust Funds Management has further extended the closing date of the Esplanade Property Fund capital raising to April 24, the second extension in a fortnight.
In March 2006, the company was seeking to raise a minimum of $8 million and a maximum of $20 million for its Esplanade Property Fund.
The capital raising was scheduled to be closed on April 14, however on April 5, Entrust requested an extension to April 21.
The Esplanade Property Fund is looking to raised $20 million to buy a new portfolio of assets including investments in the Aspen Dunsborough Lakes Project in Western Australia and The Abacus Storage Fund.
Proceeds from the capital raising will be used to advance Esplanade’s new portfolio, in the $8 million (20%) interest in Dunsborough Lakes, which is a 230 hectare site comprising a mix residential, commercial/tourist and industrial development.
Additionally, the fund will seek to invest up to $8 million in the Abacus Storage Fund.
By Nelson Yap
