Core Property has reviewed the Elanor Riverton Forum Fund, an unlisted property fund that is investing in the Riverton Forum shopping centre in Parkwood, Perth, WA. The Fund is managed by Elanor Funds Management, a wholly owned subsidiary of Elanor Investors Group (ASX: ENN), an ASX-listed fund manager with over $2.9 billion of assets under management.
Riverton Forum is a convenience-based sub-regional shopping centre, anchored by strongly performing Woolworths supermarket and Big W discount department store. The tenancy mix focuses on everyday goods and services, with 93% of income derived from non-discretionary tenants. The centre reports strong trading metrics, with occupancy of 98%, in line with historical levels of 97% - 100%, a WALE of 3.4 years by income and total centre sales of $138M.
The Manager intends to enhance the retail offering and increase the centre turnover via a targeted leasing strategy, meeting the centre’s evolving demographic needs. The Manager will also look to unlock value by selling the 4 non-core pad sites at tighter yields than the centre acquisition yield.
The Fund is available to wholesale and sophisticated investors with a minimum investment of $25,000. The Offer has a close date of 10 February 2023.
Core Property has rated the Fund as RECOMMENDED.