News and Announcements
Placer Property Ltd FY15 Company Update
- Published January 29, 2015 3:41PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Placer Property launched the NewActon East Property Fund (Fund) late in 2014. The Fund is an investment in an award winning A-Grade mixed-use building located in the NewActon precinct of Canberra.
The Fund is experiencing strong interest from investors and is expected to close by 31 March 2015.
The main tenant of the building is the Australian Competition and Consumer Commission (ACCC) an independent Commonwealth of Australia statutory authority, occupying 83.3% of the gross lettable area. Other commercial tenants include Colliers International, Café Twenty One, Pilates Canberra and ED Digital (web designers. The property is now 100% leased.
Please click on the ‘Receive Offer’ button below for more information or to register your interest.
ABOUT PLACER PROPERTY
NewActon East Property Fund (Fund) is a direct property investment in the commercial component of NewActon East, a modern award winning A-Grade office and mixed-use building located in Canberra’s CBD.
The Property’s main tenant is the Australian Competition and Consumer Commission (ACCC), providing 80% of the income under a long-term lease. The Property includes the ground floor office and retail areas, the four level office space occupied by the ACCC, plus 115 car parking spaces, together totalling 7,503sqm of GLA.
The Fund aims to provide Unitholders with sustainable and considerably tax deferred income with the potential for capital growth. The Forecast annualised distribution yield for FY15 is 7.75%, increasing to 8.0% in FY16.
The Fund acquired the Property for $45.01m in September 2014 and it is a single asset, closed ended, unlisted property trust with gearing under 50%. The Fund is proposed to end on or about 30 June 2021. The RE is seeking to raise $26.5m.
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