Aspen syndicate secures finance facility

Property developer Aspen Group has announced its unlisted syndicate, Aspen Parks Property Fund, has received credit approval for a $130 million debt facility with St George Bank.

The new facility is subject to finalisation of documentation and independent valuation of six properties.

Aspen Group managing director Gavin Hawkins said it extended the average debt maturity profile for the group and its funds from 1.4 years to 2.1 years.

"We are delighted to have the continued support of St George Bank, with this new facility providing confidence to both investors and our retail distribution networks of the Fund's ongoing success and enhances its ability to raise further equity," Mr Hawkins said.

Meanwhile, Aspen also announced it had successfully completed raising $11.5 million and secured the necessary debt funding to commence development of the Enclave, in Perth's northern corridor.

Mr Hawkins said the completion of the Enclave equity raising was a pleasing result over a relatively short period of time, and represented the recycling of non-core development land into a syndicated residential project.

"We have been delighted with the strong investor response and the take up from Aspen Group's retail investors has particularly been pleasing. The result demonstrates the capability of our distribution team to raise equity, in still challenging times for development projects," Mr Hawkins said