Property funds manager Multiplex Capital has launched two open ended unlisted property funds aimed at the baby boomer market.
The property specialist, which is the funds management division of Multiplex Group, announced yesterday it had released the Multiplex Diversified Property Fund and the Multiplex Property Income Fund
The Diversified Fund will be seeded to the tune of $50 million by parent company Multiplex Group. It plans to invest in a portfolio of 47 listed and unlisted property trusts, 21 fund managers and over 1,750 underlying property assets.
Multiplex Group said it would retain a 25 per cent to 50 per cent interest in the fund.
Multiplex's Property Income Fund has an initial portfolio value of $30 million and will invest 20 unlisted property trusts. It aims to yield between 7.5 per cent and 8.5 per cent a year for investors.
"These funds provide increased liquidity and accessibility for the retail investor, particularly the baby boomer, together with an attractive income return," Multiplex Capital's divisional director of funds management Rob Rayner said.
Multiplex Group also announced this year it plans to launch a European Property Fund, which will be seeded with $600 million worth of German property assets.
A capital raising for the fund is due to start in April.
