COLONIAL First State Global Asset Management and CRI Australia have formed a joint venture to launch a series of closed-ended unlisted property funds.
The funds will source residential, office and commercial properties from CRI Australia’s $1.2 billion development pipeline.
Yesterday, the CFSGAM and CRI Australia joint venture announced that it will launch a diversified fund in the next three months to raise between $50 million and $100 million.
The diversified fund will be geared at 60% to 65 and targeted at institutional investors.
CRI Australia’s executive chairman Peter Wills said this joint venture marked the beginning of a powerful alliance which will provide exceptional funds management experience, together with an experienced management team with access to a strong development pipeline for investors.
“This joint venture aims to meet the ongoing demand of institutional equity to fund landmark property developments across
“As investors seek greater returns out of their property portfolios, there has been increased demand for development-style exposures… however, with greater potential return comes greater risk and volatility,” CFSGAM’s head of unlisted property Tim Stringer said.
“CRI Australia’s depth of experience and commitment to thorough risk management practices positions the Colonial First State Global Asset Management – CRI Australia joint venture ideally to offer investors an opportunity to invest in property development opportunities, backed by a team with over two decades of experience and results,” he added.
Australian Property Journal
