PPK Group Ltd
(ASX:PPK) through a specific purpose entity has accepted the role as lead manager of a syndicate of investors, which includes PPK Investment Holdings as a participant, and has also acquired a parcel of undeveloped residential land at Willoughby in Sydney.
The group says the estimated gross end value of the project is around $110 million dependent on final sale prices of the project homes to be built on the land.
PPK Investment Holdings is investing $4 million of a total $17.5 million raised from investors to give it an 18.2% interest and profit share in the project.
The purchase price is $28.5 million with $17.5 million raised from investors with the balance to be funded by external financiers.
PPK Group reported a profit for the year ended June 30, 2009.
