Core Property has reviewed the Growthpoint Macquarie Park Trust, a new wholesale unlisted property fund from Growthpoint Funds Management.
The Fund provides an opportunity to invest in an A-grade asset located at 78 Waterloo Rd, Macquarie Park NSW. The Property is a prominent asset which is well located in close proximity to the Macquarie Centre and the Macquarie Metro train station. Key metrics include an occupancy of 93.2% (with Heads of Agreements in place for the vacant space), a Weighted Average Lease Expiry of 3.0 years and average rent increases of 3.6% p.a..
The Manager is targeting the Fund to deliver distributions of 8.0% - 9.0% p.a. (average 8.5% p.a.) over five years, with plans for active asset management and repositioning to maintain high tenant demand to improve the value of the Property. The Property is also expected to benefit from planned withdrawals of office properties from the Macquarie Park precinct over the next five years.
The Fund is seeking to raise $60.1M through the issue of 60.1M units at $1.00 per unit to acquire the Property and set up the Fund. The Offer is available to Wholesale investors only, with a minimum investment of $100,000.
Core Property has rated the Fund as RECOMMENDED.