Property fund announces new acquisitions
Unlisted property vehicle the Australian Property Opportunities Fund this week announced the acquisition of two neighbourhood shopping centre investments — one in Melbourne and the other in Port Macquarie.
It said the properties were the Lynbrook Village Shopping Centre in south-east Melbourne and Lake Innes Village in Port Macquarie.
The acquisitions had a combined purchase price of $47.35 million.
Announcing the move, the company said the investments, both of which were developed by and acquired from Coles, represented an initial unlevered yield of 8 per cent for Lynbrook Village Shopping Centre and 7.5 per cent for Lake Innes Village.
"Once each centre is fully leased, the yields are estimated to increase to 8.2 per cent and 8.6 per cent respectively," the company announcement said.
Commenting on the move, David Rogers, director of investments for Fort Street Real Estate Capital, the fund's investment manager, said the acquisitions, together with the previously announced acquisition of Oxford Square in Sydney, brought the fund's total investment to date to $110.05 million.
Recommended for you
With Fortnum Private Wealth and Professional Financial Services now unified under the Entireti umbrella company, CEO Neil Younger has detailed to Money Management the firm’s new direction and future expansion.
The FAAA has suggested looking offshore for overseas financial advisers to ease the adviser shortage, but are employers willing to take on the burden of workplace visas?
There may be a huge influx of alternatives coming to the market, but timing and access difficulties mean advisers can easily end up disappointed with their selection, according to Morningstar global CIO Dan Kemp.
An NSW individual has pleaded guilty to one criminal charge of providing unlicensed financial services after promoting crypto investments at national seminars.