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Opportunity to take part in Property Development

St Laurence Property Development Fund to Offer Investors the Opportunity to take part in Property Development Activity

Property investment and finance group St Laurence has announced a new investment opportunity that will enable retail investors to participate in commercial property developments. The St Laurence Property Development Fund Limited is intended to take advantage of St Laurence’s property management and development experience and expertise, and allow investors to share in a variety of property development opportunities from as little as a $5,000 parcel.

Under a prospectus dated 19 April 2006 St Laurence is seeking to raise $10 million from investors to create the Property Development Fund, with the right to accept over-subscriptions of up to a further $10 million. The Fund is projected to provide a cash return of 13.5% per annum.

St Laurence’s managing director Kevin Podmore says, “This Fund provides all the key features that have appealed to many of our investors in the past – an attractive fixed rate and fixed term investment based on St Laurence’s core property competency, with the added ability for them to share in the proceeds upon wind-up.

“This Fund is seen as being most suitable for investors who have a reasonable tolerance for investment risk and who seek the opportunity for a higher return, or to investors who want to enter the property development market but are not able to fund such activities themselves.

“The Fund will invest in development projects ‘in partnership’ with proven and reputable developers and only in respect of projects that meet the Fund’s strict investment criteria. These projects may comprise a combination of new developments, redevelopments or sub-division activity in either of the retail, industrial, residential and commercial property markets in New Zealand and, potentially, Australia.

“Property investment and property development are specialist areas for us. To demonstrate our confidence in the proposition St Laurence will match investors’equity on a 1 for 1 basis.”

“We have also carefully calculated the 13.5% p.a. cash return to provide investors with an equitable reward for risk. We are confident of our ability to perform in the property development market and, to demonstrate this confidence, St Laurence will only take its performance fee once the targeted returns have been exceeded.

“We expect the Fund will appeal to those with a desire to get into property development investments, but perhaps on a more limited scale,” Mr Podmore said.

The offer is planned to stay open until 30 June, unless fully subscribed earlier. The prospectus and investment statement are available through St Laurence who can be contacted on 0800 499 100.

ENDS

See... Investment Statement

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