ASPEN Group has secured up to $35 million of new funding by cashing in its units in the Franklin Street Property Trust, the asset holding vehicle for the ATO building in Adelaide.
The funding has been made available through FSPT entering into a convertible note facility provided by the trust’s joint venture partner Telstra Super.
Aspen has provided its 50% interest in FSPT as security to Telstra Super in connection with repayment. The ability to subscribe for units in FSPT to fund an early repayment throughout the three year term of the convertible notes is available to Aspen at its discretion.
Managing director Gavin Hawkins said the new funding provides Aspen with access to increased working capital, whilst creating additional balance sheet strength on the back of a long term facility.
Aspen has also secured a new three-year $30 million debt facility for the St Leonards Private Estate residential syndicate with ANZ Bank. The facility refinances the existing bank facility on improved terms and provides for an initial LVR of 55%, tailored to meet the ongoing development requirements of the St Leonards Estate.
Property Review
