PROPERTY group Trafalgar Corporate Group has on sold its mezzanine funding in the Southbank Elm project in Melbourne.
While TGP sold its equity interest in the project in June 2008, it continued to provide mezzanine funding to the project. The Southbank Elm Project is a 22-level residential development and has achieved pre-sales in excess of 80% of the total forecast revenue. Construction commenced in March 2009.
The on-going success of the project has allowed TGP to on sell its mezzanine loans, generating $13 million return. The investment generated an internal rate of return in excess of 26% per annum on the four year investment.
Australian Property Journal
