Indigo Pacific Capital has secured the right to finance another of Indigo Group’s property development at Martha Cove for $30.57 million.
Martha Cove is a master planned marina development on the Mornington Peninsula within, south of the Melbourne CBD.
As part of the agreement, the Indigo Group purchased four lots, which comprise a 233 berth marina with the remainder of the land being available for the potential development of a neighbourhood retail village plus approximately 44 residential units.
IPA will provide funding of up to approximately $9 million over the term of the project. IPA is expected to have funds available for the project later this calendar year.
In the interim, IPA has provided a guarantee limited to a maximum of $9 million, in favour of external financiers, to enable the Indigo Group to raise the total amount of funds required to purchase the property.
The guarantee was provided to secure IPA the opportunity to participate in the project when its funds become available.
The properties were purchased on June 30, 2006.
By Kathryn O’Meara
