MEDIA RELEASE 24 April 2008
BBX Property Fund prospectus lodged for 2008
Following a successful listing on the National Stock Exchange of Australia (NSX)
in 2006, BBX Property Fund has issued a third prospectus to raise additional
funds for property investment to add to their growing portfolio.
Investment in the Property Fund is open to the general public as well as members
of the BBX exchange. The prospectus invites investors to apply for up to
2,000,000 Ordinary Shares and up to 8,000,000 'B' Class Shares at an issue price
of $1.00 each.
To apply for 'B' Class Shares, an investor must be, or apply to become, a member
of the BBX exchange and is then able to secure an investment that is tax
effective when used in conjunction with a self-managed superannuation fund. The
company recommends that investors seek independent professional advice in this
regard.
The BBX Property Fund is a licensed investment company established to invest in
residential and commercial properties in the capital cities and growth centres
of Australia and New Zealand.
Simon Touma, Property Fund Chairman, believes it is an opportune time to invest
in property in Australia.
"This prospectus provides a great opportunity for investors to again participate
in the acquisition of apartments and commercial units at a perceived cyclical
low point in the market," Mr Touma said.
"After several years of strong development there remains an oversupply of
quality accommodation in a number of regions. Although some investors have lost
confidence in the market, occupancy rates and yields still remain strong,
especially in regions we are looking to invest in for the fund.
"This was the case 21 months ago, when we first listed, and is still the case
today, hence our decision to go to the market for additional capital to grow our
investment portfolio," he said.
BBX has already identified and, in some cases, settled or exchanged contracts on
a number of properties where the vendors have been prepared to sell multiple
units within quality developments. Examples of these properties can be viewed at
www.bbxpropertyfund.com. A copy of the prospectus is also available on the
website.
BBX Holdings Limited, the parent company of the Property Fund, successfully
listed on the ASX in August 2005, becoming the only exchange in the world to be
publicly listed on a main board. BBX is a membership based trading program whose
primary role is to generate new opportunities for all types of businesses and to
show business owners how to offset many current cash expenses by utilising the
down time and idle inventory in their business.
The trade exchange uses BBX dollars, a currency unit having equivalent value to
Australian currency, to assign value to the transactions that take place between
member businesses. In essence, the exchange acts as the third party record
keeper, similar to a bank, and provides a sophisticated market where thousands
of transactions take place on a cashless basis.
BBX has offices throughout Australia and operates in New Zealand through a
master franchise. Through their BBX accounts, member businesses in these
countries traded in excess of $188 million in the financial year ending 30 June
2007, averaging over $33,000 per member.
BBX has recently expanded to Costa Rica, India and China through master
franchise arrangements and further international expansion is being pursued.
BBX and BBX Property Fund can be contacted by phoning 1800 222 229 or visiting
the websites www.ebbx.com or
www.bbxpropertyfund.com.
Released for BBX by Dennis Rutzou Public Relations (www.drpr.com.au)
For further information please call Jo Gitsham or Dennis Rutzou on (02) 9413
4244.
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