Valad Opportunity Fund No. 11 (VOF11)
About VOF11
VOF11 offers retail investors the opportunity to participate in property development and repositioning style returns. VOF11 will provide investors with the opportunity to gain exposure to five development and value adding assets located in Queensland, New South Wales and Victoria. Based on the target returns from these assets, VCML is targeting for VOF 11 to meet or exceed an internal rate of return of 17% before tax but after fees and expenses. Valad’s success in generating managed fund returns is evidenced by Valad achieving a weighted average project level equity IRR on completed projects of 28.7% (post fees and pre tax) in the Valad Opportunity Fund series.
Project Portfolio
- Melbourne International Airfreight Centre, Tullamarine, Victoria – an industrial refurbishment and leasing opportunity (SOLD NOVEMBER 2007)
- Minchinbury Hometown, Western Sydney, New South Wales – a retail/homewares centre being refurbished in advance of strata subdivision of the tenancies
- Oran Park, South-west Sydney, New South Wales – 107 hectares of land being positioned for rezoning from rural to residential use prior to sale
- Richlands, Brisbane, Queensland – two development land sites covering 6.7 hectares in total, acquired with a view to consolidation in advance of rezoning from future industrial to general industrial and subsequent sale (SOLD NOVEMBER 2007)
- Noosa North Shore, Noosa, Queensland – an interest in the development of 90 beach holiday homes with masterplan approval already in place.
Investment Highlights
- Target IRR of 17% plus - an opportunity to earn higher returns than those which investors would normally expect from investing in a traditional property trust holding core assets with limited development/repositioning potential
- High asset backing – fair value adjusted Net Tangible Assets on allotment of $0.953
- Short-term investment horizon - expected three and a half year investment term
- Diversified portfolio – five projects located across three states and offering exposure to four property sectors
- No direct exposure to the volatility of the listed property market – unlisted fund which is fully invested and financed within Australia
- Strong performance track record – Valad has completed and exited from five VOF projects to date, generating a weighted average pre-tax IRR of 28.7%
- Strong alignment of interests - Valad retains a significant holding in the Fund and is further incentivised through a performance-based fee structure
- Independent research – Property Investment Research (“AA”) and Lonsec (“Lower Recommended”)
Press Releases
Letter to shareholders February 2008
Announcement - VOF sells Melbourne and Brisbane Industrial sites
Investor Materials
VOF11 Presentation October 2008
VOF11 FY2007 Annual Report Cover Letter & VOF11 FY2007 Annual Report
Quarterly Report December 2007
Quarterly Report September 2007
Valad Opportunity Fund No.11 PDS
PIR VOF11 Independent Research
Lonsec Master Report VOF No.11
More information
For more information you can contact Wendy Boxall, Fund Manager at wendy.boxall@valad.com.au or on +612 8257 6641.