Domaine Hunter Fund
The Domaine Hunter Fund comprises three properties in the Hunter region of New South Wales. The Fund was established in 1999.
ARSN 089 279 023
Responsible Entity
Domaine Property Funds Limited
ACN 085 616 824 AFSL No. 225131
- Financial Statistics as at 30 September 2011:
- Net Tangible Assets per unit (NTA): $0.22 (unaudited)
- NTA as at 30 June 2011: $0.21 (audited)
- NTA as at 30 June 2010: $0.40 (audited)
- Fund size: $19,160,000
- The NTA does not represent the return an investor will receive on final settlement as it does not consider future performance, distributions, disposal costs or achieved sales price. The NTA should be used as a guide only and is calculated using the latest valuation
- Domaine Hunter Fund holds a 50% interest in the Domaine Belmont Trust, originally valued at $2.7 million. Domaine Belmont Trust's principal asset is the Belmont Shopping Centre. The Director's of the Domaine Belmont Trust have impaired the investment value which is now carried at $nil. The impairment reflects the uncertainty over the ability to sell and realise the Shopping Centre at its current fair value
30 January 2011
The property at 17 Nelson Road, Cardiff was sold for $4.3 million. The property settled on 25 January 2012 and sale proceeds were used to reduce debt.
27 September 2011
APGF’s asset management team has successfully negotiated the sale of the Warner's Bay property. The property settled on 27 September 2011 for $4.5 million and the proceeds have been used to repay bank debt.
25 August 2011
The property at 8 Hartley Drive, Thornton was sold for $4.47 million. The property settled on 1 July 2011 and sale proceeds were used to reduce debt.
11 March 2011
On 23 February 2011, Suncorp Bank issued a further LVR Default Notice to the Domaine Hunter Fund as the gearing ratio (currently 76.2%) continues to be in breach of the LVR covenant in clause 18.2 of the facility agreement.
Suncorp has reserved its rights to take certain actions as outlined in the facility agreement.
Management has been negotiating with its lenders for a covenant breach waiver of the debt facility. The responsible entity will continue to work with the lender to ensure the interests of investors are maintained.