To be considered for this investment product; applicants must supply evidence they qualify as a Sophisticated Investor.
Up to A$43 million (driven by LVR) of which:
Public Unit Trust: $42.95m OpCo: $0.05m
Secured Convertible Note
April 2023 with intent to IPO in Q2 of 2023
12% p.a, paid quarterly (Mar, Jun, Sept, Dec) until
conversion (IPO) or redemption. Interest guarantee for period to 30 Nov 22, regardless of prior conversion or redemption
Prior to IPO (at election of the noteholder) or at term (if no IPO prior)
If not redeemed, all Notes will convert to stapled securities at the time of the IPO at a 15% discount to the IPO price
All asset security over Public Unit Trust and its assets including loans to vendors and Reregistered 2nd mortgages over eight Secured Properties with total LVR (including Senior) not to exceed 75% of Freehold valuation of $242m
2 noteholder representatives (including Thorney) on Board of Manager of the Public Unit Trust
Loans to vendors to replace mezzanine debt and
progress development of the properties
Backed by a prime real estate portfolio of over $378m on a freehold (leased) basis and in excess of $477m on a going concern basis.
15 venues, 14 owned, with diversified revenue streams including 230+ rooms, functions, events, and gaming – fully operational by mid 2022.
Access to the growing co-living market segment, addressing the needs of the fast growing 18-35 Millennials demographic.
*Do not form part of security pool **Operated Asset owned by third party
|($’000s)||First Mortgage Valuation||Valuer||Stabilised EBITDA1||3rd Party Rental Income2||Going Concern Implied Val.||Senior Debt||Current Junior Debt3||Proforma Registered 2nd Mortgage||Proforma LVR%|
|The Arts Hotel4||61,250||Egan||4,604||515||69,859||34,950||11,000||11,000||75.00%|
|The Exchange Hotel, Darlinghurst4||41,600||CBRE||3,600||-||51,431||24,960||6,240||6,240||75.00%|
|The Strand, Darlinghurst4||33,100||Egan||3,221||-||46,008||18,300||5,600||6,530||75.00%|
|Rose Shamrock & Thistle||27,000||Egan||2,024||-||28,913||16,000||2,750||4,250||75.00%|
|Camelia Grove, Alexandria4||26,000||Hymans||2,171||-||31,018||14,850||4,500||4,650||75.00%|
|The Norfolk Hotel, Redfern4||19,000||Hymans||1,910||-||27,292||10,800||3,250||3,450||75.00%|
|The Vine Hotel||11,400||Castle||1,124||-||16,051||5,000||1,750||1,750||59.20%|
|EXCLUDED FROM SECURITY POOL|
|Ballina Beach House||15,500||Hymans||1,987||-||28,390||9,000||2,500|
|The Exchange, Balmain||25,800||Egan||2,236||-||31,948||14,790||3,163|
|The Town Hall Hotel, Balmain||23,000||Egan||1,527||260||23,879||14,000||3,163|
|The Kurrajong Hotel, Erskineville||18,000||Egan||1,791||-||25,587||10,320||3,163|
Funds under management and advice
Team members globally
Clients and counting
Traded through Gleneagle daily
To learn more about this opportunity and access the offer documents, please get in touch.