Core Property has reviewed the Centennial Home+ Enhanced Value Fund, the latest property fund by Centennial, a leading independent property investment manager with over $2.7 billion of assets under management.
The Fund provides an investment in an established Large Format Retail centre in McGraths Hill, NSW, located in the northwest growth corridor of Sydney.
The Fund has a Value-Add strategy that seeks to deliver a consistent income from a well-performing LFR centre, whilst also targeting capital upside from rental reversion and the potential repositioning of the centre. The strategy seeks to capitalise on the possible exit of the key tenant, Bunnings, to provide an opportunity to reposition the centre with a greater LFR tenant mix and significantly increase the rental income of the Property.
The Manager is targeting average distributions of 5.0% p.a. over 5-years and is targeting the strategy to deliver an IRR of 15.4% - 17.7% p.a.
The Fund is seeking to raise $37.3M through the issue of 37.3M units at $1.00 per unit. The Offer is available to Wholesale Investors only with a minimum subscription of $500,000.
Core Property has rated the Fund as RECOMMENDED.