Esplanade Property Fund has made a $2 million investment in the LEX Property Fund.
The LEX Property Fund is currently constructing a retail centre comprising of a 26,500 sqm IKEA store and adjacent retail/office buildings of up to 2,600 sqm.
The investment is expected to provide a distribution yield of 8.25% in the first full financial year following the practical completion of construction of the property which is scheduled for the end of February 2008.
Australian Property Journal
