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.
Recommended for you
Financial advisers are demonstrating growing interest in crypto ETFs, with momentum pushing assets in these products past $800 million.
AMP CEO Alexis George has said addressing Australians’ retirement concerns should be "front and centre for policymakers” after its research revealed only half of Australians are confident about their retirement.
LGT Crestone has announced a rebrand, marking a “decisive milestone” following its acquisition of Commonwealth Bank’s high-net-worth financial advisory business in June.
The launch of a low-cost menu for BT Panorama will allow advisers to service a wider range of clients from one platform and potentially run a more profitable business, according to specialist Recep Peker.
