Listed funds manager WRF Securities has launched a $10 million capital raising for the WRF Southern River Syndicate.
Proceeds of the capital raising will go towards developing a 260 residential lots and one commercial lot estate on a 20 hectares site, to be marketed under the WRF property division banner.
The WRF Southern River Syndicate will further increase the group’s residential land holdings in Western Australia.
So far, WRF has raised over a third of the funds from retail investors.
The project will offer investors a three to four year term with a return on investment of around 19% per annum.
WRF has appointment SPM Project Marketing director Warren Spencer to manage the Southern River development.
Spencer had worked with Peet & Company for 10 years and negotiated the purchase of broad acre land parcels with a completion value of over $1 billion.
WRF’s property division managing director Owen Lennie said Perth had been chosen as the location of the group’s next syndicate as the demand for residential property continues to exceed supply.
WRF has over $270 million in assets under management across 10 unlisted property syndicates and an unlisted property fund.
By Kathryn O’Meara
