Du Val Capital Partners says it will resume payments to investors in its build-to-rent limited partnership - but has slashed the distribution rate to 2.25 per cent, BusinessDesk reports.
Distributions were suspended completely for the past quarter, with the fund’s managing director John Dalzell citing recessionary conditions and a “higher interest rate environment”.
That was after a group of investors had advised they were taking legal advice following the suspension of the dividend.
Meanwhile, BusinessDesk also reports Lakewood General Partner – the development vehicle for Du Val Group’s 151-apartment Lakewood Plaza in Manukau, now in liquidation – owes $10.2 million to its creditors.
Du Val’s chief executive, Charlotte Clarke, told BusinessDesk the application to liquidate the general partnership at the time was part of “the normal course of business for a property-development entity once a project has been completed”.
