AXA property fund keeps three star rating
Standard & Poor’s (S&P’s) has reassigned a three-star rating to the AXA Wholesale Australian Property Fund, now in it 23rd year of operation.
The open ended, unlisted-property fund, which also invests in listed-property securities and cash, increased its allocation to direct property by $438 million to $942 million since S&P’s previous review in September last year.
It did this by acquiring seven properties, which it funded with a sell-down of the listed-property allocation, thereby increasing tenant numbers by 45 per cent, and extending the portfolio’s average lease expiry from 3.5 years to 4.6 years.
“Over the fund’s 23-year history, the manager has assembled a high quality direct property portfolio that is well diversified by geography, tenant and asset class,” said S&P fund analyst Robert Buckmaster.
The fund has 194 retail, commercial and industrial tenants, negligible vacancies and no gearing, although some key-person risk remains in the direct-property mandate, he said.
Recommended for you
Two commentators have shared why cultural alignment can be the biggest deal breaker when it comes to advice M&A and how to ensure a successful fit.
With an abundance of private market options coming to market, due diligence becomes increasingly important as advisers separate the wheat from the chaff, adviser Charlie Viola has said.
The Treasury has launched a consultation into how the $47 million special levy for the Compensation Scheme of Last Resort will be funded.
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
