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Social Investment Australia Limited (SIA) has announced its decision to extend the offer period for the Social Impact Property Fund No. 1, with the next formal review date set at 1 December 2010. This means that the fund will remain open for investment applications received up to that date.
Two key factors influenced the board in their decision:
- Ongoing positive conversations with prospective investors who remain at various stages of due diligence, including institutional investors whose investment decision processes can be longer than private investors;
- An acknowledgement that, as a pioneering product in a burgeoning market, it is important to allow adequate time for market penetration and comprehension of this significant investment opportunity.
SIA remains confident that it will reach the minimum investment level for the Fund. SIA has thanked early investors for their commitment and patience and is pleased to have already processed some significant investment amounts.
Parallel to raising capital for the Fund, the investment team is continuing to assess various property opportunities with the view to securing the Fund’s initial portfolio of investments well within the 12 month time frame detailed in the Information Memorandum.
In support of this process, Foresters continues to develop its Community Asset Building (CAB) program with the recent announcement that the Victorian State Government has approved a significant program of funding for the expansion of Forester’s CAB work in Victoria.
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