SELECTED INVESTMENTS - CAPE ROYALE
Description: Construction of 141 luxury sectional title apartments in Cape Town, in close proximity to the development of a stadium for the world cup football in 2010. ZAR 190 million development, senior debt funded by Barclays, fixed cost construction contract with Stocks Building Africa, monitored by Turner & Townsend and 80% pre-sold
Nature of investment: Mezzanine finance
Investment size: ZAR10million
Term: 18 months
Delivered return: >25% per annum