Australian Unity purchases $15m industrial property

Australian Unity purchases $15m industrial property

Australian Unity has purchased a $15.1 million industrial property in Melbourne's south-east through its diversified property fund.


The acquisition of the $15.1 million industrial property in Melbourne will help to provide investors in the firm’s diversified property fund a sustainable income, a statement issued by Australian Unity said.

Australian Unity head of property funds Mark Lumby said: “Quality income investments are highly sought after in today’s market. The fund continues to build on its core strength of diverse commercial property to deliver on its objectives for investors.”

The purchase means the fund’s asset diversification is now split between 30 per cent industrial, 33 per cent retail and 37 per cent office property, the statement said.

According to the statement, the fund is currently seeking to raise a maximum of $50 million during a capital raising period that is set to remain open for 12 months.

“We’ve recently launched a capital raising offering units at a five per cent discount to the fund’s net asset value,” Mr Lumby said.

“Raising equity at a discount to fund withdrawal requests provides a greater level of liquidity to those investors electing to exit their investment than the current capped withdrawal offer.

“It will also enable us to maintain the quality and diversification of the fund’s assets, and support its sustainable growth – making it more attractive to new investors over the longer term,” he said.

The recently purchased property incorporates a corporate office and warehouse facility.

 

Australian Unity purchases $15m industrial property
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