Trinity executives join CJT

TWO senior property executives from Trinity have joined the board of CVC Trinity Property Fund.

Ben McCarthy, chief executive and Bruce Baker, head of property at Trinity have joined the board of directors.

CVC Trinity Property Fund’s chairman Geoff Leaver said through their extensive experience in the property industry, McCarthy and Baker will enhance the fund’s ability to identify and source prime investment and development opportunities off-market.

The two appointments coincide with CVC Trinity Property Fund securing Development Approval in March 2007 for its Lifestyle Retail development site at Belrose in Sydney.

Subject to shareholder approval, construction of the Lifestyle Retail centre development is expected to commence in September 2007 and be completed by March 2008. The development has an end value of approximately $60 million.

CVC Trinity Property Fund’s $7.5 million capital raising at the end of last year funded the acquisition of the Belrose site for $15 million. The capital raising attracted $2.5 million investments from both Trinity and CVC Limited. In addition, CVC Limited supported the fund by taking up 36.5 million of the 43.75 million units issued to the Belrose vendors, valued at $5.85 million.

The 14,157 sqm Lifestyle Retail site, located in the Austlink Business Park, is the cornerstone asset for the CVC Trinity Property Fund.

Australian Property Journal