Aspen Group Limited (ASX:APZ) says it has signed a joint venture funding agreement with the Telstra Superannuation Scheme (Telstra Super) for the development of the Australian Taxation Office building in Adelaide.
The Perth-based property investor says the balance of the funding requirements for the ATO building will be funded by a combination of equity and debt provided by wholly owned entities of Telstra Super.
Telstra Super is Australia’s largest corporate superannuation fund and has committed to subscribing for 50 per cent equity in the Franklin Street Property Trust and entering into an asset management agreement with Aspen.
Under the debt funding agreement Telstra Super has also committed to providing a construction loan facility of up to $117.6 million and offering a term facility of $117.6 million.
In the first half of the 2011 financial year, Aspen Group reported a net profit of $7.7 million.
APZ Price at posting:
37.9¢ Sentiment: None Disclosure: Held
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