Core Property has reviewed the Marquette Central Plaza II Fund (MQT CP2 Trust), an unlisted property fund that invests in the prime A-grade office property at 66 Eagle Street, Brisbane QLD.
The Fund is managed by Marquette Investment Managers Pty Ltd, a Brisbane-based real estate investment and fund manager with a track record of property investments in South East Queensland and NSW with $1.8 billion of assets under management.
The Fund invests in a prime A-grade office property located in a prominent corner position in the “Golden Triangle”, the main financial precinct of the Brisbane CBD.
- The Property is well placed to benefit from strong tenant demand in the Brisbane CBD office market, combined with the Manager’s experience and focus in the Brisbane office market.
- The Fund has a Core Plus investment strategy that seeks to maintain the high occupancy and tenant demand for the Property. With leading tenants in the legal, government and professional services sectors, the Property is well placed to deliver potential upside from leases being reset to market levels.
- The Fund has an initial term of 7-years, with the Manager targeting an exit in year 4 onwards from the successful delivery of its strategy. The Manager is targeting initial distributions of 6.15% and an IRR of 15% p.a. over 4-years.
The Trustee is seeking to raise $225M through the issue of 225M units at $1.00 per unit. The funds will be used, with debt, to acquire the Property and establish the Fund. The Offer is open to Wholesale and Sophisticated investors only with a minimum investment of $50,000.
Core Property has rated the Fund as RECOMMENDED.