The James Fielding Property Development Fund – Meadow Springs Project has raised $16.0 million.
The proceeds from the capital raising have been used, together with debt, to complete the purchase of the development rights within the Meadow Springs estate.
Mirvac Fini, the Western Australian division of Mirvac, will manage the development and sale of the lots on behalf of the fund.
James Fielding’s general manager of wholesale funds Grant Hodgetts said the strong demand for the fund reflects the location of the estate within one of Australia’s fastest growing regions – Mandurah.
The project is expected to be completed in 2010 with the fund being wound up shortly thereafter.
By Adam Parsons
