Blackgate Property Fund Back
Investors are invited to purchase units for $3,500,000 in a single property 2-year closed-end Blackgate Fund 1 Unit Trust that will hold 34.8% ownership of 84-86 Reed Court Plumpton Trust which owns land zoned for residential development at 84-86 Reed Court, Deanside Victoria 3336:
The other 65.2% unitholder of the venture is the current landowner, a business partnership.
The Investment Manager is Blackgate Property Fund Pty Ltd, which is equally owned by interests associated with Akash Ahluwalia and Liminka Pather. Thus, the Unit-holders in Blackgate Fund 1 will have a 34.8% equity interest in the venture, ranking pari passu with the landowner. Blackgate will recover its Fund establishment costs from the Fund upon the financial closing, and then management fees of $175,000 during the 2-year civils construction period. Upon completion of civils, construction loans of ~$13,000,000 earning ~4% per annum interest will be discharged, as pre-sale deposits come out of the trust account and sales complete.
Unitholders will have redemption right once construction is completed and certified for sale, or at 2 years from the date of their subscription to the Fund, whichever date is the later.