spen Group has completed its $40 million capital raising for Aspen Dunsborough Lakes Limited.
According to Aspen, West Australian home building group Seacrest Homes has acquired the final $6 million of available equity in ADLL. In addition to their investment Aspen will look to develop a long term relationship with Seacrest, who with over 35 years experience are a highly regarded home builder in Western Australia.
As per the announcement to the ASX on 1 February 2006, the Esplanade Property Fund have completed their own capital raising, and settled their commitment of $8 million to ADLL.
The Esplanade Property Fund and Seacrest Homes join Aspen Group, the Wyllie Group and a small number of individuals as shareholders in ADLL, which acquired the Dunsborough Lakes golf course estate in January 2006 for $93.68 million.
Managing director of Aspen Group, Mr Angelo Del Borrello was delighted, although not surprised by the success of the capital raising.
“The level of interest shown in the capital raising has been outstanding and we believe this reflects both the quality of the Dunsborough project and the confidence in Aspen’s ability to deliver the investment returns projected,” Del Borrello added.
By Adam Parsons
