Oyster Property Group Ltd has taken just 3 weeks to fill its offer of $17.9 million of equity in a new industrial property fund.
The company opened the offer on 16 September and issued 2 progress warnings to potential investors – 75% committed last Friday, 95% committed on Wednesday, and closed fully subscribed today.
The syndication group has 2 Wiri properties lined up to seed the fund, 12 Harbour Ridge Drive & 101 McLaughlins Rd, backed by 2 Westpac NZ Ltd loans totalling $18.68 million, including a $3.15 million bridging loan. The company says in its Oyster Industrial Ltd product disclosure statement it intends to maintain a 49.15% gearing ratio long-term.
Oyster, 50% owned by ASX-listed Cromwell Property Group, manages a $1.7 billion portfolio of retail, office & industrial properties.
16 September 2019: Updated: Oyster launches industrial fund with 2 new-builds
Attribution: Company release.