News

7 September 2010
Viento Diversified Property Fund

The Convertible Preference Unit offer closed today without achieving the minimum subscription.

Viento Property Limited has received an unsolicited purchase offer for Parkinson Plaza Shopping Centre, Brisbane.

As a result of the changed circumstances, certain sections of the PDS dated 10 May 2010 have been affected and will be updated in a new Supplementary PDS (SPDS).

12 August 2010
Viento Diversified Property Fund

Viento Property Limited has sold one of the retail assets in the Viento Diversified Property Fund, in accordance with its strategy to sell underperforming assets and reduce debt to recapitalise the Fund. Elermore Vale Shopping Centre achieved a sale price of $8.35 million on a passing yield of 10.0 per cent. Net proceeds of the sale will be used to  reduce the loan to value ratio on the Fund’s borrowings.
Viento has extended the close date for the $7.0 million issue of Convertible Preference Units until 7 September 2010. Funds raised under the offer will strengthen cash flow to meet the capital expenditure requirements of the properties, further reduce debt and build a solid platform for future growth.

The Fund owns 10 direct property assets valued at $128.2 million and an allocation in the Southern River residential land subdivision, Western Australia, valued at $2.5 million.  

3 August 2010
New Enterprise Property Syndicate

Viento is pleased to announce the successful settlement of the sale of Mundaring Village Shopping Centre, WA, for $19.42 million. The sale transaction was completed on 30 July 2010.

The New Enterprise Property Syndicate acquired the shopping centre at Mundaring for $14.4 million in June 2004 and its value has increased approximately 35% in six years.

Two other assets are owned by the Syndicate - a commercial building at Artarmon in Sydney and a retail shopping centre at Bridgewater near Hobart. These properties will undergo capital works and upgrades before being sold in the next two years as part of a staged sell-down for the fixed term Syndicate.

The majority of the sale proceeds from Mundaring will be used to repay debt and post-settlement gearing for the Syndicate will be reduced to approximately 42%. The sale of the remaining assets will aim to further maximise total returns to investors in the Syndicate.

7 July 2010
Henley Brook Property Syndicate

Sales of Stage 1 lots have remained strong over the last quarter and we are pleased to report 30 lots have been sold, with 34 lots remaining. We anticipate all lot contracts will become unconditional by September 2010 and the pre-sales financing condition satisfied.

The Syndicate has been named 'Avonlee' and marketing the Avonlee estate has been integral to the rate of sales success. Internet marketing initiatives include the new Avonlee website www.avonlee.com.au and exposure from other property websites such as www.realestate.com.au and www.reiwa.com.au. Other campaigns for the estate include editorial features in local newspaper Sunday Times, directional signs and other incentives.