THE Valad Opportunity Fund No.11 has completed a capital raising receiving $26.2 million through a public offer of new units in the fund.
Allotment of the new units in VOF is expected to take place on July 12 2007 and the delisting of the fund will take place shortly thereafter. VOF will continue as an unlisted property trust.
VOF will invest $7.9 million into the Noosa South project and will complete the sale of the fund’s interest in
Valad’s head of funds management Paul Notaras said the offer of new units in VOF are part of the process of converting VOF into an unlisted property trust.
“VOF will now be converted into an unlisted property trust and will be the first in a series of unlisted opportunity funds aimed at the retail investor market,” Notaras said. “Valad remains a strong supporter of VOF and will hold an ongoing 19.9% interest in the fund.”
Australian Property Journal
