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Vultures target unit holders

Investors in the Victoria Market Property Fund are being warned not to accept an offer for their units.

Thursday, March 20th 2003, 6:47AM

St Laurence Group, which took over running the Victoria Park Market Investment Fund, has decided to liquidate the fund and put the $8.75 million property on the market.

It expects that unit holders will end being paid at least 70 cents per unit (after all realisation costs including the manager’s performance fee), possibly by September this year.

However, a firm, AC Nominees Limited, is currently trying to buy units from investors at 35 cents each.

St Laurence has told investors and advisers in the troubled fund to either hold on for the liquidation process to be completed in September or to sell their units through the St Laurence secondary market where they have been changing hands for about 42 cents per unit.

St Laurence managing director Kevin Podmore is optimistic the property will be sold for a good price.

"We have received expressions of interest from a number of parties who would like to purchase the Victoria Park Market for redevelopment," he told investors in a letter.

"They have indicated that they will pay in excess of the property’s current market valuation."

Since St Laurence took over the troubled fund last year it has managed to significantly improve the lot for its unit holders.

Net asset backing per unit has increased from 16c to the current value of 42c, and there has been a substantial increase in the property's valuation.

At March last year it was valued at $6.4 million and the latest valuation, which Podmore considers to be conservative, is $8.75 million.

Since St Laurence took over it has managed to cut the interest costs on the fund's bank loan and won, what it calls, "a resounding decision" from the Land Valuation Tribunal after their review of the property’s annual value for ratings purposes. The outcome of this is that the fund received a refund of $266,176 in rates overpayments from the Council.

Earlier story: St Laurence takes over fund

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