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ASPEN Parks, which operates a nationwide chain of caravan parks, is
celebrating after achieving the highest rating possible from stock broking
and financial research company Lonsec Limited.
The news comes as the unlisted property fund with investments in the
holiday accommodation sector celebrates its seventh anniversary.
Lonsec has rated the fund for several years but recently elevated it to
'Highly Recommended', its highest rating standard.
The go-ahead Aspen Parks was formed in 2004 to acquire and manage high
class tourist caravan parks and resorts worth at least $150 million within
a five-year time frame.
But its growth was phenomenal and the target was smashed within three
years, its assets now topping $260 million and park ownership in Western
Australia, South Australia, Victoria, New South Wales and Queensland.
Aspen Group managing director Gavin Hawkins said the new rating reflected
the fund's strong and sustained performance over several years.
"Aspen Parks has achieved total returns in excess of 12 percent per annum
since inception, reflecting the quality of its diverse portfolio of 25
properties and our management team," he said.
On the continued positive outlook for Aspen Parks, the fund manager has
increased income distributions which are currently paid monthly.
The new rate of 10.7 cents per security (annualised) reflects an attracted
income yield of 8.8 percent on the security price as at July 1, 2011.
"We are seeing continued strong tariff growth being driven by the resource
industry at our parks in north-west Western Australia, while a good level
of underlying demand continues across the majority of our tourist-based
parks," Mr Hawkins said.
A statement said valuation results during the 2011 financial year had also
been positive for Aspen Parks.
Around 70 percent of the portfolio by value was independently valued
during the year, resulting in a net 6.8 percent rise in values, indicating
the robustness of the sector and Aspen Parks.
Investor awareness had continued to grow with $24.5 million in new equity
being raised.
Mr Hawkins said the 2011 financial year had been "very solid" for Aspen
Parks with both asset and earning appreciation.
"In addition, we have secured a three-year extension to the senior debt
facility, culminating in the achievement of a Highly Recommended research
rating," he explained.
"We believe Aspen Parks remains a compelling unlisted fund offering, and
are confident of further increases in total equity inflows in FY12."
