We are aware of media reporting concerning a matter involving the Burswood development, and we are setting out the position directly.

What has happened

On 1 September 2026, proceedings were commenced in the Supreme Court of Western Australia by Finito Nominees Pty Ltd, the borrower under a loan facility provided in respect of an apartment development at 153 to 157 Burswood Road, Burswood. The proceedings name PrivateInvest Capital Securities Limited, as trustee of PrivateInvest Capital Trust No 1, and Mark Roberts, as defendants. The claim is for $17,265,133 plus interest and costs.

As at the date of this update, the proceedings have not been served on either defendant. The allegations are denied in their entirety and will be defended. Gadens has been instructed to act for PrivateInvest.

Investor exposure

The PrivateInvest First Mortgage Income Fund, our pooled investment fund, has no exposure to the Burswood facility.

Context

PrivateInvest Capital Trust No 1 was the financier on this project. It was not the developer, not the borrower, and not a party to the construction contract.

Court filings are public documents. Reporting at the commencement of proceedings is not unusual and does not indicate any finding by the Court. Nothing pleaded in the claim has been tested before the Court.

The underlying facility

The borrower failed to repay the facility on the repayment date. PrivateInvest issued a formal notice under the secured loan facility agreement. That debt remains outstanding, and PrivateInvest intends to pursue recovery through the avenues available to it under its security.

Further comment

Because the matter is before the Court, there is a limit to the further detail we can properly provide, and we will not comment on the conduct of any other party. This page will be updated if there is a material development.