This article is from the Australian Property Journal archive
St Hilliers is looking to raise $100 million in equity with the launch of its third Enhanced Property Fund.
The unlisted St Hilliers Enhanced Property Fund No. 3 is offering a target return of 15% per annum to wholesale investors.
St Hilliers’ chief executive Tim Casey Fund No.3 offered investors a unique opportunity to participate in the wholesale investment offering of St Hilliers Property’s venture with Macquarie Bank.
Macquarie acquired a 49% interest in St Hilliers Property in November 2006. Casey remains the major shareholder of the new venture.
Fund No.3’s strategy is to invest in tenanted properties which have the potential for refurbishment, redevelopment or repositioning in the marketplace.
St Hilliers has identified three investment properties, each with strong potential for enhancement, have been secured to seed Fund No.3. Two of the properties are industrial complexes located in Sydney and the third is a commercial building situated in the Melbourne CBD.
St Hilliers Fund Management general manager Nicholas Ridgwell said the properties have the potential to generate higher returns through future development or repositioning.
“The acquisition of these properties further demonstrates St Hilliers ability to identify investment opportunities and gives investors in the Fund the added benefit of having over 25% of the target equity already allocated,” he added.
Australian Property Journal
