An entity of Entrust Funds Management has taken an $8 million stake in the Aspen Group's recently acquired Dunsborough Lakes Project, joining the Wyllie Group and Aspen in each holding a 20 per cent stake in the project.
Entrust will undertake a capital raising, and the Esplanade Property Fund will hold the interest in the development.
Listed WA property trust Aspen settled the purchase of the Dunsborough Lakes residential development from Ric Stowe's Griffin Group for $93.68 million.
At the time, Aspen's 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 is raising $40 million to fund the purchase, and has said they will contribute a sum equal to 20 per cent of the equity raised.
Considered one of the South West's largest property transactions, the Dunsborough Lakes deal involves the sale of a 230-hectare development site encompassing residential, commercial, tourist and industrial lots surrounding an 18-hole golf course, located in Dunsborough town.
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.
