Singapore-listed Thakral Corporation Ltd (TCL) has signed documents establishing a bespoke investment programme called the TCAP Australian Mezzanine Programme with Aberdeen Asset Management Asia Limited, on behalf of its property multi-manager products.
Thakral’s subsidiaries, TCAP Investments Limited and Thakral Capital Australia Pty Ltd (TCAP), along with Aberdeen, have committed substantial funds to the Programme, which will invest in real estate projects in Australia, in particular Sydney, Melbourne and Brisbane.
TCAP will be the initial investor in its projects with the Programme having the right to invest in preferred equity or mezzanine debt in these projects.
The Programme is established through a trust in Australia and has a term of up to six years, subject to extension with the agreement of Aberdeen. The Programme is a continuation of the business of TCAP as a manager and investor of wholesale and third-party funds.
TCAP will be responsible for the management of the Programme, including deal sourcing, due diligence, underwriting, valuations and the management of the investments.
Mr. Jaginder Singh Pasricha, TCL’s Managing Director, Investments & Corporate, said, “The establishment of this Programme with Aberdeen is another milestone in the development of the Group’s Investment Division. The Programme gives us better access to capital for our projects.
“Having Aberdeen as an investor demonstrates that we have the confidence of global fund managers to manage their capital prudently and provide strong returns. At the same time it will enable us to continue to provide strong returns to our shareholders.
With the backing of Aberdeen, Thakral will have greater flexibility in sourcing capital for deployment alongside our own capital in its projects,” Pasricha said.
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