Core Property has reviewed the Blackoak Capital Lumenate SDA Investment Trust II, an unlisted property fund that invests in Specialist Disability Accommodation (SDA) properties for participants in the National Disability Insurance Scheme (NDIS).
Blackoak Capital is WA based private equity real estate investment manager, with over $300M of assets under management. Blackoak has been involved in the SDA sector since 2021 through the establishment of Lumen Living, a specialist provider of development, asset management and investment management services for SDA properties.
- The Fund targets high quality properties which are constructed to meet strict SDA design standards in order to cater for the needs of SDA participants. The Manager has extensive property and development experience and maintains key relationships with NDIS and SDA providers in order to support the property needs of SDA participants.
- The Fund has an initial term of 10-years, with the initial 3-4 years being used to acquire and develop the properties. The Manager is targeting the Fund to deliver a 10-year IRR of 11.5% - 13.5% p.a. (after fees).
- The Fund is seeking to raise up to $100M through the issue of 100M units at $1.00 per unit. A discounted issue price is available for investors at $0.9875 per unit (November 2024), which progressively returns to $1.00 per unit in April 2025. The Offer is available to Wholesale and Sophisticated investors with a minimum investment of $250,000.
Core Property has rated the Fund as RECOMMENDED.