LM Investment Management's $1 billion funding deal progresses

LM Investment Management has signed exclusive due diligence with two offshore real estate private equity funds.

According to the firm, both funds have expressed a strong interest in funding several property assets within the Managed Performance Fund and the First Mortgage Income Fund.

Due to the confidential nature of the due diligence process, LM chief executive Peter Drake said the firm was unable to name the funds at present.

He said the $1 billion offshore funding arrangement was progressing well as foreign equity investors recognised the strong economic credentials of Australia.

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