SYNDICATE CLOSED
The development is located 25 kilometres north of the Perth Central Business District, in the suburb of Aveley. The surrounding area includes established leisure and lifestyle amenities offering wineries, cafés, galleries, restaurants and boutique shops, such as the Vines world-class golf course and the picturesque Swan Valley. Convenient access is also available to amenities including areas of employment, education and services.
The Project
The project, marketed as Vale, involves the development and sale of Stages 2 to 6 comprising an estimated 1,601 residential lots, a group housing site, two local neighbourhood shopping centre sites, two retirement village sites, one Anglican private school site, one tavern site and one commercial site. As at 31 December 2012 the project is 99% sold.
Dividends
To date, the Syndicate has paid a total of 86.5 cents per share in dividends and has returned capital of 70 cents per share.
The Development Manager
The project is managed by Multiplex Developments Operations Pty Limited (Development Manager), which is part of the development division of the Brookfield Australia Group. Established in 1989, the development division comprises a team of experienced personnel with expertise in key areas of the development process, including project identification, feasibility analysis, design and finance.
The Company and the Subsidiary
Multiplex Acumen Vale Syndicate Limited (Company) issued a prospectus on 16 August 2005 to raise capital to assist with funding the development and sale of Stages 2 to 6. The prospectus closed fully subscribed in November 2005.
Shareholders in the Company participate in returns generated from the development of the property.
Key Information |
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Open date: |
August 2005 |
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Close date: |
November 2005 |
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Company size: |
$8.7 million1 |
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Minimum initial investment: |
The offer price was $1.00 per share paid in full on application. $5,000. |
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Dividends: |
The Company intends to progressively pay franked dividends and return capital to Shareholders following the completion of the sale of developed lots. |
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Exit Strategy: |
Following completion of the project, the Company will be progressively wound up. Any remaining funds after paying creditors and winding up costs will be distributed amongst the Shareholders registered at that time. |
Performance |
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| Income distribution to date (CPU): | 86.5 cents |
| NTA per share ($) 2: | 0.16 |
| Fund Return 3 | 20.3 |
1 Total assets of the company as at 31 December 2012
2 Net Tangible Asset of the Company as at 31 December 2012 divided by number of shares on issue.
3 Per prospectus dated 16 August 2005. Please note this is not a forecast return.
Past performance is no indication of likely future performance. All figures are unaudited unless otherwise indicated.