Babcock & Brown Residential Land Partners has settled on the acquisition of a controlling interest in Links Living’s partnership interests in the Sanctuary Lakes Resort and Sandhurst Club master planned residential developments in Victoria.
The group has put an initial payment of $35 million, with the balance to be determined by the underlying performance of the projects.
As part of the arrangement, Links has invested $8.7 million by acquiring existing BLP securities at the IPO issue price of $1.00 each. These securities will be escrowed for two years from June 30, 2006 being the date of IPO.
BLP’s managing director Michael Balkin said the group has in excess of $90 million in available gearing capacity, whilst remaining within our targeted gearing range of 50-65% of gross assets, and are confident that we will continue to be able to source value accretive, strategic investments for BLP.
By Adam Parsons
