Westlawn Trust launches eighth capital raising round
PROPERTY investment fund manager Clarence Property has launched its latest capital raising for its the unlisted Westlawn Property Trust (WPT).
The capital raising follows its recently completed seventh offering – which closed over subscribed for $33 million.
WPT is forecasting a 7 per cent cash distribution to investors (paid monthly) and an 8.6 per cent gross distribution including franking credits.
Clarence Property managing director Peter Fahey said the past two years have been one of the most active periods in the history of WPT.
Mr Fahey said it has more than 1000 investors and nearly $250 million of commercial property under management.
“When we went to the market to raise new capital in 2015, we were met with strong support from both existing and new investors based on our track record, with the fund having paid a distribution to investors every month since its inception,” he said.
“Last year, WPT delivered an 18.6 per cent return to investors and has delivered an average return of 12.1 per cent per annum over the past three years, which is a commendable performance.”
Mr Fahey said existing investors in the Trust are mainly based in northern NSW and southeast Queensland.
“We think we will see good interest from investors right around the country,” he said.
“Westlawn is the kind of fund which will have appeal to a wide range of investors who are principally seeking regular income, from small self-managed super funds right through to wholesale and sophisticated investors.”
Mr Fahey said the Trust’s diversification was key to its success.
WPT’s flagship project, the masterplanned ‘Epiq’ community at Lennox Head, has realised more than $65 million in land sales.
“We continue to invest predominantly in the northern NSW and southeast Queensland regions, where we see strong potential.”