News
8 February 2012
Viento Diversified Property Fund
The Viento Diversified Property Fund (the Fund) owed deferred management fees to Viento Property Limited (VPL) for fees dating back to June 2008. VPL’s parent, Viento Group Limited made a loan to the Fund to cover the management fees and the current loan balance is $3.28m.
On behalf of the Fund, VPL agreed to reduce the loan by $2.5 million using Southern River Syndicate units held by the Fund as payment.
As this was a related party transaction, VPL obtained independent legal and valuation advice.
The transaction reduced the Fund assets by $2.5 million but there was no impact on the Fund’s income because the Southern River Syndicate has not made any distributions since commencing in 2006. The transaction will however save the Fund $225,000 per annum in interest costs, allowing the Fund to apply the $225,000to future capital expenditure and debt reduction.
23 December 2011
Viento Diversified Property Fund - AXA financing facilities terms agreed
Viento Property Limited as Responsible Entity of the Viento Diversified Property Fund (Viento) has two finance facilities secured by five properties, with the Australian Monthly Income Fund (closed Fund) managed by National Mutual Funds Management Limited (AMP).
Viento announces that it has today agreed to terms in relation to properties in the Viento Diversified Property Fund (Fund).
The facilities totalling $53.1m have been extended with AMP until 30 November 2012. The five properties financed by AMP are valued at $81.7m.
Viento Group and VPL will continue discussions with alternative financiers to extend the financing terms of the facilities of the Fund.
14 June 2011
Viento Diversified Property Fund
The sale of Oxley Mall Shopping Centre was settled on 31 May 2011 for $14.75 million – a premium to valuation. The sale proceeds have been used to pay down the National Australia Bank loan and reduce the LVR to 58.8%.
25 February 2011
New Enterprise Property Syndicate
We are pleased to announce the successful sale of Cove Hill Shopping Centre at the current valuation of $13.2 million. The contract of sale became effective on 23 February and settlement has been scheduled for 31 March 2011. The sale proceeds will be used to pay down the bank loan and reduce the gearing ratio to 8.7%.
We believe this is an excellent outcome for the Syndicate given the current valuation for Cove Hill was achieved without spending the forecast capital expenditure, resulting in a stronger return of capital to investors when the Syndicate is wound up.
The Artarmon property was re-valued as at 31 December 2010 at $17.1 million (up from $16.6 million at 30 June 2010). The new gymnasium and café on the ground floor are under construction and will be completed in April 2011. The new facilities will assist with leasing the remaining vacant space and strengthening leasing income.
Viento will continue to pro-actively manage the Syndicate until the properties are sold to maximise returns (both income and capital) to unit holders.
15 December 2010
Henley Brook Syndicate Update
Pre-construction sales contracts with a combined gross value of $9.42 million have been executed and comprise 8 special residential lots and 25 lots from the early release land area. All of the contracts are unconditional and satisfy the bank finance condition for pre-sales of $8.15 million. A further 16 lots have been sold for a total value of $3.53 million leaving a total of 13 lots from stage 2 to be sold.
The remaining 3 special residential lots are in the process of further subdivision to make up to a total of 6 lots. A decision on the application is due by the end of February 2011. Subject to that approval we will be offering the lots for sale in the new year.
Construction has commenced at Henley Brook estate. Located in the picturesque Swan Valley close to major arterial roads, the estate will incorporate the best ‘living community’ design features. For more information go to www.avonlee.com.au.
30 November 2010
ASIC says beware of unsolicited offers for units in frozen funds
ASIC has received complaints from investors who have received unsolicited offers to buy their units in frozen funds, at prices less than the total amount that investors could expect to receive from their funds under a redemption facility or withdrawal offer. Click here to read the full article.
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.