SYDNEY, AUSTRALIA: Aspen Group and Mill Hill Capital (MHC) have proposed a merger of Marina Hindmarsh Island Fund (MHIF) and Aspen for the benefit of both groups of shareholders
MHIF was established in 2017 by MHC – management of the Fund was delegated to Aspen in early 2019 when the MHC executives joined Aspen. MHIF is unlisted and has 30 shareholders.
The sole purpose of MHIF was to acquire, operate and develop Coorong Quays, Hindmarsh Island SA (CQ) – essentially a “Buy-Fix-Sell” strategy. CQ has Residential, Retirement and Park components – like Aspen.
MHIF acquired CQ through a receivership sale – the property was distressed and had several major legacy issues that have been resolved over the past several years. CQ has been stabilised, positioned for growth, and materially de-risked – profits are now derived predominantly from collecting rent and developing residential lots and a retirement land lease community.
Aspen has established an Independent Board Committee comprising Clive Appleton (Chairman) and Guy Farrands to consider and oversee the transaction.