Boutique puts direct property on platforms
Boutique property fund manager APN Funds Management is bidding to give advisers access to direct property through platforms with the launch of a new fund.
The APN Direct Property Fund will invest 60 per cent of the fund in direct property and 35 per cent in listed and unlisted property trusts to provide the liquidity required to make it suitable for platforms.
APN manager Paul Noonan said the fund offered redemptions in five days.
“Platforms want liquidity in the funds. Direct property, through syndicates, couldn’t deliver that,” he said.
The property fund is part of a suite of funds launched by APN. The other funds include Property for Income Fund No.2 and an International Property for Income Fund. A diversified fund that will invest in all three has also been launched.
APN Funds Management executive director Howard Brenchley said the launch of the funds was prompted by a need to diversify.
“We have been working on a suite of funds for years and now we have an offering that covers the three major sectors of the market — property trusts, international and direct,” he said.
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