A VICTORIAN retirement village company, formerly associated with disgraced Westpoint director Richard Beck, expects to list on the Australian Stock Exchange in the near future.
Beck was chairman of Prime Retirement and Aged Care Property Trust and “stepped down” in December 2005 in the weeks leading up to the Westpoint disaster.
Before stepping down, Beck was also an executive director of the trust and a prime ‘spruiker’ in the retirement trust through two of his companies, which sold units to investors through the same financial planning network utilised by Westpoint.
Beck was a director of Kebbel Investment Bank before the company name was renamed Finchley Central Funds Management after an investigation by the Australian Securities and Investment Commission.
During his time on the board of Prime Trust, Beck’s Kebbel was also producing investment reports at the same time it was providing “fund raising” on behalf on Prime Trust.
Yesterday, Prime Retirement and Aged Care Property Trust said it is seeking to raise $100 million through an initial public offering through the issue of 50 million units at $1 each and has allowed for another 50 million in oversubscriptions.
The trust has a gross asset value of more than $1.2 billion and has a portfolio of over 4,600 retirement village units and 780 aged care beds in 40 locations.
The company is expected to have a market capitalisation of $550 million and has forecast a distribution yield of 8.5%.
Australian Property Journal contacted directors of the trust but the calls were not returned.
The offer will close on July 19.
Australian Property Journal
