MacCook reopens property door
Property investment manager MacarthurCook yesterday reopened its listed Property Securities Fund, into which it hopes to attract an extra $36 million from existing investors and another $15 million from new investors.
Launched in December last year, the fund currently contains $92 million invested predominately across non-listed property trusts, including the Cromwell Diversified Property Trust and the PFA Diversified Property Trust.
MacarthurCook managing director Craig Dunstan said the new money will be used to retire $27 million in debt, with the balance used to invest in new listed and unlisted property trusts.
He said the fund’s reopening was spurred by its popularity, which largely comes down to its offering of consistent income for investors.
Since listing last December the fund has provided an annualised return of 23.2 per cent.
The new offer closes on September 19, 2005.
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