News and Announcements
Christchurch Mountain Bike Park Seeking More Investors
- Published June 11, 2015 9:42AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
By Alan Wood, Stuff, 10th June 2015
Backers of a multimillion-dollar Port Hills mountainbike project have targeted a group of 50 investors to stump up $100,000 or more for the adventure park.
Project organisers have issued an information memorandum (IM) to the potential investors of a $25 million Christchurch Adventure Park that should open around October 2016 provided enough capital is raised.
The minimum $100,000 investment in the development of 315 hectares of forested Port Hills land into a park should pay off within four years of the park opening, backer Jay Fry says.
“They should expect to get their investment back after four years of operations.”
The IM for the park, located between Dyers Pass, Worsleys and the Summit roads, says the first quarterly dividend was set to be paid in the fourth quarter of 2017.
IMs had been sent to 50 people in the hope of raising $4m.
“We’ve got a number of people emailing us, so we’ve got quite a large list now … I feel pretty confident that some funding will come from there and it will get us over the line,” Fry said.
The park had around $10m of indicative interest from New Zealand and international investors from Singapore and Boston.
“I’ve talked to a number of what I call my hotlist and they’re still there. We’ve got around $10m coming in from them.”
A further $4m was being sought with the recently issued IM helping bring other investors to the surface, Fry said.
A confirmed $2m cash injection from the Government depends on the project meeting milestones.
Bank debt from China Construction Bank (New Zealand) of about $9m had been secured, Fry said.
The borrowings are subject to a $5m “shortfall” guarantee granted by the Christchurch City Council in case of any default on the bank loan.
Qualified investors, willing to stump the minimum $100,000, have until the end of July to commit to the project.
Fry expects the park to be given the go-ahead by the Overseas Investment Office with construction due to start in November.
To read the full story, please click here.
Company Updates
Built on discipline, not complexity: inside an ASX equities income strategy
Haydn Froggatt and Zac Brabin have decades of derivatives experience between them and access to almost any strategy in the market. They use two of the simplest structures available, and wrote 202 positions with them last year. Published by Fairway Capital Management. Based on an interview with co-founders Haydn Froggatt and Zac Brabin. Two traders, […]
BlackRock has named the next Economy. What this latest paper means for Private Market Investors.
BlackRock has put a name on something the smart money has been circling for two years. Its digital assets research team calls it the machine-native economy. The thesis fits in one line. AI is machine-native intelligence. Digital assets are machine-native money. Both are built on the same architecture, and they are converging into a single […]
Where’s the beef? Blackstone just answered the AI question.
In 1984, a fast food ad asked a question that became a catchphrase. Where’s the beef? Jon Gray, President of Blackstone, used that line this month in front of global LPs. It is the question every capital allocator is asking about AI. Trillions of dollars are going into chips, data centres and power. That is […]
Backed By Leading Investment Groups and Family Offices
