Core Property has undertaken a review of the Whitmore Property Large Format Retail Property Fund. The Fund is a new offering by Whitmore Property, an Adelaide based commercial property fund manager with over $250M of assets under management and a track record of delivering ~15% return for investors.
The Fund provides an opportunity to invest in a portfolio of up to $150M of Large Format Retail assets in established locations across Australia.
- Three seed assets are being acquired for $49.0M, located in Seaford Meadows SA, Clare SA and Noarlunga SA. The Manager intends to acquire further Large Format Retail properties for the portfolio within the next 2 years.
- The Fund has an initial term of 7-years with the Manager targeting initial distributions of 6.25% p.a. and average distributions of 7.5% p.a.
- The Fund is seeking to raise $30.3M through the issue of 30.3M units at $1.00 per unit to support the acquisition of the initial assets. The Offer is available to Wholesale and Sophisticated investors with a minimum investment of $100,000.
Core Property has rated the Fund as RECOMMENDED.