13/12/2005 - 21:00

Aspen, Griffin in $94m deal

13/12/2005 - 21:00

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Listed property trust Aspen Group Ltd has bought the Dunsborough Lakes residential development from Ric Stowe’s Griffin Group for $93.5 million.

Listed property trust Aspen Group Ltd has bought the Dunsborough Lakes residential development from Ric Stowe’s Griffin Group for $93.5 million.

Aspen Group managing director Angelo Del Borrello said financing for the acquisition would come from a syndicate of three to four institutional or “high net worth” investors and would not be put out to the retail market. Aspen would contribute a sum equal to 20 per cent of the equity raised, he said, with a new fund created to hold the asset.

“WR Carpenter has positioned Dunsborough Lakes well to grow and we will initially continue their plan and vision,” Mr Del Borrello said. “Dunsborough Lakes is a diverse estate, which includes industrial and tourism sites, and there is a scope to overlap with some of Aspen’s other funds.”

The purchase builds on Aspen’s growing portfolio of assets, which has made it the second largest LPT from Western Australia, with a market value of about $156 million.

Considered one of the South West’s largest property transac-tions, the Dunsborough Lakes deal involves the sale of a 230-hectare development site encom-passing residential, commercial, tourist and industrial lots surrounding an 18-hole golf course, located in Dunsborough town.

It represents Aspen’s first move into the residential property development market.

WR Carpenter bought Dunsborough Lakes in 2002 from Perth-based Axiom Properties for $7.73 million, and Mr Del Borrello said WR Carpenter had subsequently spent $30 million filling some of the estate, a further $26 million on adjoining land, and $11 million on the creation of 190 blocks.

A final settlement date for the deal has been slated for January 24 next year.

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