MULTIPLEX European Property Fund is seeking to $184.45 million through an initial public offering to acquire a diversified property portfolio in German.
The fund will be listed on the Australian Stock Exchange and the offer is jointly underwritten by NAB and CommSec.
In addition, Multiplex Group has taken a cornerstone investment of at least 20% in the fund.
The fund has forecast distributions of 8.5% for year to June 30 2008, increasing to 8.7% for the 2009 financial year.
The fund’s initial portfolio has been purchased for €355.0 million (A$599 million) and consists of an interest in 67 properties throughout
The portfolio has a weighted average lease expiry (by income) of approximately 9.8 years and 98.4% occupancy (by estimated rental value) across the portfolio.
Multiplex Capital’s divisional director of funds management Rob Rayner said the launch of this fund signifies another milestone in the growth and diversification of funds managed by Multiplex Capital and will increase total funds under management to over $6.7 billion.
Multiplex Capital’s European divisional director Kevin Murphy said
“The Multiplex European Property Fund is well placed against this backdrop, offering investors the opportunity to gain exposure to a portfolio of properties throughout
The launch of this Fund follows the successful listing of the A$671 million Multiplex Prime Property Fund in September 2006 and the launch of two open ended unlisted funds, Multiplex Diversified Property Fund and Multiplex Property Income Fund, in March 2007.
Australian Property Journal
