Core Property has reviewed the Elanor Clifford Gardens Fund, the latest unlisted property fund offering from Elanor Funds Management Limited.
The Fund is looking to acquire the Clifford Gardens Shopping Centre in Toowoomba QLD. The centre is a prominent sub-regional shopping centre anchored by Woolworths, Coles and Big W.
The Manager is looking to undertake an extensive repositioning of the centre which includes a focus on non-discretionary retailers as well as exploring additional rental income opportunities for the Fund.
The Manager is forecasting the strategy to deliver distributions of 8.2% in year 1, increasing to 10.0% in year 5, with a target IRR of 14.6% p.a.
Core Property has rated the Fund as RECOMMENDED.
The Fund is available to Wholesale and Sophisticated Investors only. The Fund's Offer Period closed on 10 May 2021, with oversubscriptions and the Manager is no longer accepting new applications.