Stockland launches unlisted office fund
Stockland has launched a third unlisted office fund, Stockland Direct Office Trust No.3 (SPOT3), aiming to raise $60 million from retail investors.
SPOT3 will offer retail investors an exposure to a $132 million portfolio of four commercial office properties and a car park located in WA, Victoria, NSW and the ACT.
The properties are leased to a diversified mix of government and private tenants, including the Australian Taxation Office, Telstra, St George Bank and Seek, with a weighted average lease expiry of more than 4.3 years.
Forecasted annualised cash distribution to investors is 7.75 per cent per annum to June 2008, rising to 7.85 per cent per annum to June 2009 — forecast to be 100 per cent tax deferred over these periods.
Stockland will itself apply for 10 per cent of the units in the fund on equal terms and conditions as investors, according to Daniel Jarosch, general manager of unlisted property funds.
“Our strategy of co-investing in all our funds ensures a strong alignment with our unlisted investors.”
He said SPOT3 is scheduled to close on June 8, or earlier if oversubscribed, bringing funds under management in Stockland’s unlisted property funds division to more than $800 million.
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