Eildon Capital Group (ASX:EDC), a company focused on providing specialist investment and funds management solutions, today provided an update on its investment in the Kings-Newport Village loan facility. The announcement addresses a notice of default issued to King Apartments Pty Ltd, managing partner of Kings Investment Partnership, the borrower for two separate projects at the Kings/Newport village site. These projects include the Kings-Newport village vacant parcel of land, for which EDC is a lender, and the Newport village Stage 1 completed townhouses site, for which EDC is not a lender.
The notice of default was issued due to non-payment of interest and land tax specifically related to the Newport village Stage 1 completed townhouses site. Eildon Capital clarified that the underlying security for the loan under default is not part of the Group’s mezzanine facility. Furthermore, the company confirmed that there are no guarantees provided by the Borrower pertaining to their investment in the Kings-Newport village loan facility.
Eildon Capital Group (ASX: EDC) is a specialist investment and funds management house with a focus on real estate debt and equity investments. The EDC Board continues to assess various options concerning its investment in the Kings-Newport village project. Further details regarding the company’s strategy will be provided in due course, according to the announcement.
The board of Eildon Capital has authorised the release of this update.
