Charter Hall Direct Property launches new fund
Charter Hall Direct Property is launching a new unlisted office property fund for retail investors, self-managed super fund (SMSF) trustees and high new worth investors.
The fund, which had a minimum investment of $20,000 would own six office buildings within a newly-acquired development in Adelaide, leased to the South Australian government on a 15-year term and set for completion in April 2018.
With the inclusion of the South Australian property, the PFA would have around 60,000sqm NLA with a valuation of $268 million and an average capitalisation rate of 7.36 per cent.
“This formula translates into the prospect of an attractive yield of 7.25 per cent per annum, paid monthly, and a projected total return of over 9 per cent per annum,” said head of Charter Hall Director, Steven Bennet.
“Monthly distributions have proved to be an extremely attractive feature for many retail investors who are looking for a stable earnings stream.”
The fund has received a ‘recommended’ rating from Lonsec.
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