Coratina Fund
Fund Closed | 12th June 2009 |
Redemption Date | 6th March 2012* |
Cost of "right to purchase" (RTP) contracts | $14.2 million |
Date of next set of audited accounts | 31st Dec 2009 |
Links to CISX announcements:
Final results 30th June 2009
http://www.cisx.com/listedsecuritynewsdisplay.php?newsID=44807
Net Asset Value
Net asset value (NAV) per share as at 30th June 2009 – US $ 96.1501
Further Information:
The Coratina Fund invested into "right to purchase" (RTP) contracts in the Flamingo Lakes development on the Yucatan Penninsula in Mexico. The Fund closed in June 2009 and construction has now commenced.
Mexico is currently the world's 13th largest economy and boasts more free trade agreements with countries throughout the world than any other nation. This has led to considerable investment into the country and a requirement for quality accommodation.
The Flamingo Lakes site is a mixture of different sized condominiums and villas built between 27 golf holes designed by John Jacobs and endorsed by a current Ryder Cup golfer. On site there is also a proposed Jimmy Connors tennis academy, a marina and an equestrian centre.
At outset the Property Manager negotiated substantial discounts on the property prices for this Fund. For example, lot number 1103 Kabah Villa has a build price of $460,769 while the Fund price is $272,319. In addition the developer is also contractually obliged to re-sell our contracts before those of any other investors are sold and the Fund carries the normal 15% penalty payment in the event of the properties not being re-sold within two years.
* This is an indicative date, subject to various factors disclosed in the original Memorandum, in particular, the completion and re-sale of "right to purchase" contracts and developments.
