Core Plus Fund No. 1 (CPF) acquired office, retail and industrial assets within the main metropolitan regions of Australia’s east coast. The portfolio was structured to deliver strong underlying cash-flows and limited downside risk.
The strategy was realised through the application of capital works, re-letting, active asset management and refurbishment of these assets with a view to increasing and stabilising net rental returns. Once repositioned the assets were considered for divestment subject to the prevailing market conditions.
Asset selection for Core Plus Fund No. 1 was supported by the use of EG’s proprietary real estate risk management software, PRISMS®. This property technology software is designed to substantially improve investment risk identification, evaluation and pricing.
EG has delivered strong out-performance to investors on Core Plus Fund No. 1. The fund has divested all assets to date, achieving a net IRR of circa 22%.
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The B grade office asset is a c.4,600sqm, multi-let property located in a core office/retail precinct in Sydney CBD.