Property fund announces new acquisitions
Unlisted property vehicle the Australian Property Opportunities Fund this week announced the acquisition of two neighbourhood shopping centre investments — one in Melbourne and the other in Port Macquarie.
It said the properties were the Lynbrook Village Shopping Centre in south-east Melbourne and Lake Innes Village in Port Macquarie.
The acquisitions had a combined purchase price of $47.35 million.
Announcing the move, the company said the investments, both of which were developed by and acquired from Coles, represented an initial unlevered yield of 8 per cent for Lynbrook Village Shopping Centre and 7.5 per cent for Lake Innes Village.
"Once each centre is fully leased, the yields are estimated to increase to 8.2 per cent and 8.6 per cent respectively," the company announcement said.
Commenting on the move, David Rogers, director of investments for Fort Street Real Estate Capital, the fund's investment manager, said the acquisitions, together with the previously announced acquisition of Oxford Square in Sydney, brought the fund's total investment to date to $110.05 million.
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