ARK Fund buys Rewards Group sandalwood property 16-April-07 by Mark Beyer Latest News
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View all of today's news on our homepage Listed agricultural investment company The ARK Fund Ltd has expanded its close alliance with West Perth-based managed investment scheme promoter Rewards Group by acquiring a sandalwood property in the Western Australian wheatbelt.
The sandalwood property has been leased to the responsible entity of Rewards' 2006 sandalwood project, which closed last June after raising $15.4 million from investors.
It is the third property that Ark has acquired on a sale and leaseback basis.
Ark has previously acquired a $2 million property in Kununurra used by Rewards' tropical fruits projects and a $4 million Queensland property used by Rewards' strawberry project.
It is finalising the purchase of two fully-developed mango farms in north Queensland, which are also used by Rewards.
Ark and Rewards are both managed by Andrew Radomiljac, Craig Anderson and John Kenny.
The sandalwood property is located south-east of Pingelly and has been acquired for $2.0 million.
Ark said the rent equated to an income yield of 10 per cent while the cost of debt used to acquire the property was 7.37 per cent.
