Centro MCS adds to syndicate offerings
By John Wilkinson
Australian retail property syndicate Centro MCS has launched a wholesale version of its direct property fund, hard on the heels of the retail version of the offering.
The minimum investment for the wholesale version of the fund is $250,000, while retail investors will be able to access the fund through wrap platforms.
The direct property group invests in MCS managed retail syndicates and listed property trusts, as well as money market securities, although the bulk of its investment strategy is through 29 MCS property syndicates.
Centro MCS, which was formed following Centro Property Group acquiring MCS Property in July 2003, has also launched another syndicate, a national retail centre offering that is aiming to raise $100 million.
Group portfolio manager David Omond says the syndicate is buying five shopping centres outright and acquiring 50 per cent stakes in two more, with parent Centro owning the remaining share in these properties.
Centro will invest approximately $10 million in the form of equity notes, which will not affect the tax advantages to investors, Omond says.
The tax advantage for investors is set at 96 per cent for 2005 decreasing to 73 per cent in 2007. This will provide pre-tax yields on the investment of 15.24 per cent in 2005, dropping to 13.49 per cent.
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