Fortius Grenfell Car Park Trust targets 7.0% distributions

Core Property has reviewed the Fortius Grenfell Car Park Trust, the latest offering from Fortius Funds Management.

The Trust provides a rare opportunity to invest in a pure car parking asset located in a prime Adelaide CBD location, currently managed by Secure Parking, a leading national car park operator.

With 506 car spaces, the 7 level car park adjoins Rundle Place, the premium retail shopping centre in Adelaide.

The Manager is targeting initial distributions of 7.0%, increasing to 8.5% in year five. The Trust is open to wholesale investors only.

Core Property has rated the Fund as RECOMMENDED, however notes that macroeconomic uncertainty as a result of COVID-19 may pose a risk to future valuations and capital returns.