The Esplanade Property Fund has successfully raised $16.13 million.
The fund had sought to raise a minimum of $8 million and a maximum of $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.
The fund will also to invest up to $8 million in the Abacus Storage Fund.
EPF has forecast a distribution per security of 1.44 cents for the 2006/2007 financial year.
The fund has also forecast a distribution yield 7.20%.
By Nelson Yap
