US property fund gets go ahead from investors
Dixon Advisory has successfully closed the initial public offer for its US residential property fund for Australian investors, receiving more than double the minimum subscription.
The US Masters Residential Property Fund closed on Friday after raising $69.5 million from over 1,500 investors, with the most interest coming from those in self-managed super funds.
The minimum sought was $30 million, but the subscription fell short of the predicted $80 million announced earlier in the year.
The fund’s US team has already begun targeting properties hardest hit by the global financial crisis, namely multi-family residential property in the greater New York metropolitan region.
Dixon Advisory managing director Alan Dixon said that the success of the offer highlights the strong demand among Australian retail investors for exposure to US residential property.
“With the Australian dollar continuing to trade at or near all-time highs and the US residential real estate market remaining depressed, we believe the fund represents a unique opportunity,” he said.
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