Westlawn Trust continues growth
By JULIA ILES email@example.com
WESTLAWN Property Trust is aiming to raise $22million in its latest round of investment offerings.
The unlisted public trust has a portfolio that combines commercial office, leisure, retail and storage properties, and has a gross asset worth of approximately $190million.
It hopes to sell more than 20 million units priced at $1.10 each.
The $22m will be used by the trust to acquire new properties and retire debts, according to information in the Product Disclosure Statement (PDS).
This comes in the wake of last year's offer where more than $18million was generated between Christmas Eve and mid-January.
According to the fund's founder and executive managing director, Peter Fahey, half of the units have already been snapped up by existing investors.
Mr Fahey is the driving force behind the growth of the trust.
Prior to working full-time on the trust he was one of the principals of LJ Hooker Grafton.
"Currently investors range from self-managed retirees to big commercial investors to regular people," Mr Fahey said.
He said the value of investing in the trust was due to 'its long history of good returns'.
Previously in 2002 and 2003 the returns were 10.5 cents per unit while in 2004 the return was 9.77 cents.
The forecast in the PDS for the current financial year is 9 cents per unit.
"It's akin to buying your own property and is a long term invest- ment," Mr Fahey said.