Southern River Syndicate
as at 30 September 2011
Situated within an urban corridor of the Southern River region in Western Australia, the Syndicate proposes to develop 23.8ha of land into 305 residential lots and one commercial site.
Southern River is located within the City of Gosnells and is situated aproximately 19km southeast from the Perth CBD. The region is best known for its great climate, pleasant residential living conditions, markets, bush walks, wildlife parks and wineries. The City is well served by sub regional and local shopping centres and is well connected by major roads to Perth CBD and Perth International airport. For more information go to
www.riverbank.net.au.
An update on the progress of the Syndicate can be found in the latest edition of
Viento Insider News.
Applications
|
Fully Subscribed
|
| Income Distributions |
Distributions will be paid progressively over the life of the Syndicate, generally in proportion with the number of lots settled per year, upon commencement of selling. |
| Distribution Reinvestment |
Not Available
|
| Minimum Withdrawal |
Not Available
|
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| Syndicate Structure |
Fixed Term |
Start Date
|
August 2006
|
End Date
|
Estimated 2014 |
| Units on Issue |
10,000,000 (Southern River Syndicate)
3,000,000 (Southern River Supplementary)
7,200,000 (Southern River Bonus)
|
Portfolio Purchase Price
|
$14,337,000 Excl. acquisition costs
|
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| Financial Institution |
National Australia Bank |
| Loan Amount1 |
$15,807,048 |
| Term of loan (years) |
Expires 30 November 2011 |
| Gearing Ratio2 |
68.57% |
| Loan to Value Ratio (LVR) |
Compliant |
| Current Interest Rate |
9.11% |
| Interest |
100% Variable |
1 Current loan facility limit is $22.5m.
2 Calculated in accordance with ASIC's Regulatory Guide 46. The gearing ratio indicates the extent to which a scheme's assets are funded by external liabilities.
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- The Net Tangible Asset value (NTA) is an indication of the value of the collective properties in the Syndicate, including acquisition costs. It does not include sale costs.
Ordinary Units
| Financial Year |
Unit Price |
NTA |
| 2010/2011 |
1.00 |
1.21 |
2009/2010
|
1.00
|
1.09
|
| 2008/2009 |
1.00
|
1.03
|
2007/2008
|
1.00
|
1.18
|
| 2006/2007 |
1.00
|
1.15
|
Bonus Units
Financial Year
|
Unit Price
|
NTA |
| 2010/2011 |
N/A |
0.30 |
2009/2010
|
N/A
|
0.30
|
| 2008/2009 |
N/A
|
0.30
|
2007/2008
|
N/A
|
0.34
|
| 2006/2007 |
N/A
|
0.36
|
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Distributions have not commenced.
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