Perth Surf Park developer Aventuur launches $10m loan note offer
Make us a preferred source
Make us a preferred source on Google
The news: Developer Aventuur has launched a $10 million loan note offer to support funding for its Perth Surf Park project, giving sophisticated investors the opportunity to choose between annual interest payments or in-kind "surf benefits".
The numbers: The offer, which will part-fund what is set to be the largest surfing lagoon in the Southern Hemisphere, lets sophisticated investors subscribe for loan notes from $50,000 and receive 10% simple interest per year over a six-year term.
Alternatively, loan note holders can choose to receive “surf benefits” instead of interest each year, worth around $6,300 per year.
The Perth and LA-based investment and development company has capped the number of loan note subscriptions at 200, with a maximum capital raise of $10 million.
The rest of the capital for the development comprises $37 million through an in-progress equity raise, $56 million via a construction facility, and $5 million from the Perth-based Wyllie family.
The context: The “surf benefits” include private use of the park before it opens to the public and being able to “essentially surf for free” once the park is up and running, according to Aventuur's chair and chief development officer Andrew Ross.
Aventuur’s proposed development — which was selected over a rival bid by Urbnsurf that built surf parks in Melbourne and Sydney — will be located on a 5.9 hectare lot a 20-minute drive from Perth’s CBD.
Construction is due to start later this year, with the park open to the public in early 2027, and an anticipated one million guests expected to visit each year.
The loan note offer opens today on investment platform Liquidity, and will close on 4 October.
What they said: “An equity investment in the project has a minimum threshold that most people can’t reach,” Ross told Capital Brief.
“So we thought for a little while about what we can do to provide something that would allow true fans of the project to have an opportunity to participate financially.”
The source: Aventuur release
