APN raising fully subscribed
APN Property group has closed its Development Fund No.2 after receiving $105 million from a number of wholesale investors.
The fund is a wholesale property development vehicle that will be managed by APN.
APN Property Group managing director Clive Appleton said he was very pleased with the successful launch of the new fund.
“I regard the establishment of Development Fund No.2 as a major milestone in the growth of our wholesale funds management business,” he said.
“The wholesale market is a core business for APN and we are seeking to launch additional funds.”
The manager of the new fund, Michael Hodgson, said there were no seed developments for the fund, but the fund manager has a number of projects in the pipeline.
“APN has a strong pipeline of projects and is reviewing a number of very attractive development opportunities that exist in a range of property sectors across the eastern seaboard,” he said.
The first APN development fund raised $110 million in April 2005 and now has a portfolio of development projects valued at more than $1 billion. These include an office development site in Collins St, Melbourne, industrial land subdivisions in Queensland and a joint-venture development in Toorak to build a retail and residential complex.
The APN Property Group now manages 14 different property funds and has more than $4.9 billion of funds under management.
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