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Boutique property fund manager Amici Funds Management has launched its first direct property investment fund with the purchase of its first property.
The Melbourne-based fund manager has bought an office building at 72 Christie Street, St Leonards, Sydney, for $60 million from the Stockland Group.
The office building has been let to STW Communications Group until July 2017, at an initial yield of 8.3 per cent.
Amici Funds Management was recently established by senior executive Graham Brewer, and ex-banker and distribution specialist Kaye Martin.
The Amici Property Fund is an open-ended unlisted trust that intends to invest in ‘A’-grade office, industrial and retail properties around Australia, according to Brewer.
“Amici intends to initially raise $36 million through the offering of $1 units, with a minimum subscription of $10,000.
“We have a philosophy of low-debt funding ratios, which will be about 50 per cent of asset values,” Brewer said.
