360 Capital Group (ASX:TGP) and 360 Capital Total Return (ASX:TOT) take 19.99% stake in Velocity

Company News

by Rachael Jones

360 Capital Group (ASX:TGP) and 360 Capital Total Return (ASX:TOT) via their JV investment company TGP TOT JV have taken a 19.99 per cent cornerstone equity stake in Velocity Property Group Limited (ASX:VP7).

They also commit $10.0 million in loan notes and $23.7 million in a residual stock facility.

Tony Pitt and James Storey have joined the Velocity Board.

360 Capital Total Return TOT is real estate vehicle of TGP, an alternative asset investment and funds management group.

More recently TOT has become an active investor in real estate debt, having originated and financed over $220 million in senior and mezzanine transactions over the last 30 months .

Shares in 360 Capital Group (ASX:TGP) closed 0.45 per cent higher at $1.12 yesterday.