Core Property has undertaken a review of the ASA Equal Living Social Infrastructure Fund, an unlisted fund that invests in healthcare and disability accommodation properties primarily for participants in the National Disability Insurance Scheme (NDIS).
ASA Real Estate Partners is an independent real estate capital manager, based in Melbourne, with over $500M of assets under management.
The Fund partners ASA Real Estate Partners with Equal Living (an experienced provider in the development and management of specialised healthcare and disability accommodation with a 20+ year track record and a registered NDIS provider) to primarily invest in high-quality NDIS properties that provide Specialist Disability Accommodation (SDA) as well as short-term and medium-term accommodation and allied health services.
- The Manager is targeting the Fund to deliver a base property return, with the potential for higher returns from future developments, growth capital via unsecured loan notes as well as potential equity returns in the operating business, subject to the successful development of the portfolio. Combined, the Manager is targeting the Fund to deliver an IRR of 15% p.a. (before Performance Fees) over an initial term of 5-years.
- The Fund is being established with an initial equity raise of up to $50M through the issue of 50M units at $1.00 per unit. The Offer is available to Wholesale and Sophisticated investors with a minimum investment of $250,000.
Core Property has rated the Fund as RECOMMENDED.