This article is from the Australian Property Journal archive
PROPERTY fund manager Castlerock has completed its $90 million capital raise to fund the acquisition of the $145.2 million Icon building in Ipswich’s CBD, allocating all the available funds in seven weeks.
The Auslink Property Trust No. 2 opened at the beginning of July, giving investors the first opportunity to invest in the fund since October last year, in the largest raise in Castlerock’s 18-year history.
All available units were snapped up and the fund has closed again, with assets in the fund approaching $500 million. Castlerock director Adam Bronts said the forecast return is 7.2% a year.
The Icon building, situated in Ipswich’s Brisbane Street, is a nine-storey, 17,870 sqm office and retail building anchored by the Queensland state government, which accounts for more than 91% of net lettable area.
