Shaw and Partners appointed joint lead manager to Acure Core Plus REIT IPO News18 Nov 2021

The real estate investment trust sector is defying the IPO market slowdown, with another REIT set to front investors just days since the Newmark Property REIT secured its ASX berth.

 

The latest entrant is Acure Asset Management’s Acure Core Plus REIT, which will contain industrial, neighbourhood retail, large format retail and fuel stations across three Australian states.

 

The 10 properties set to comprise the trust have been independently valued at $244.3 million, according to a term sheet seen by Street Talk, with a weighted average lease expiry profile of 8 years by income.

 

The offer size will depend on how many existing unit holders seek to realise their investment, but it’s estimated to be at least $90 million, if not up to $113.9 million.

 

The REIT is slated to come to market in December with a market capitalisation of $166.3 million.

 

The portfolio includes the Australind Village Shopping Centre in Western Australia, Shepparton Home Centre in Victoria, the SteelMains Naval Base and Somerton sites, the AVK Currumbin industrial site and multiple BP service stations spread throughout Western Australia.

 

It has forecast funds of operation yield of 7 per cent and annualised distribution yield of 7 per cent. Income is underpinned by fixed contractual rental increases, supported by long leases.

 

Overall, it has a 98 per cent occupancy rate and bankers are selling its “solid growth outlook” thanks to attractive lease structures and embedded rental growth from the slated price increases.

 

The portfolio has a 2.8 per cent weighted average fixed rent review and 70 per cent of its leases have fixed rent reviews.

 

The Perth-based property investment firm behind the REIT, Acure Asset Management, has appointed Shaw and Partners as joint lead manager and underwriter.

 

Article source: AFR, 17 November 2021

Related Articles
News20 May 2022 Shaw and Partners appointed as Lead Manager to the capital raising by Openpay
Shaw and Partners is pleased to be appointed as Lead Manager to the proposed capital raising by Openpay Group (ASX.OPY)   The capital raising is expected to fully fund Openpay’s AN... Read More
News19 May 2022 Erebus Motorsport visits the Shaw and Partners Melbourne office
We were thrilled to have Supercars Erebus Motorsport driver Will Brown and Managing Director Shannen Kiely visit the Shaw and Partners Melbourne office this morning.  Will went in... Read More
News16 May 2022 Shaw and Partners proud sponsor of the Melbourne Rebels Academy Squads
It was a truly remarkable night of celebration at the Melbourne Rebels Headquarters last Monday for the official launch of the Rebels Under 18 Academy Squad. As the Principal Part... Read More
News06 May 2022 Shaw and Partners hosts Pinot & Picasso evening in the Sydney office
What a fantastic evening celebrating the women of Shaw and Partners.   Great to see over 25 advisers and staff from the Shaw and Partners #Sydney office get together for a night... Read More
A - Z  % Change  
{{data.Symbol}} {{data.CompanyName}} {{data.Close}} {{data.AsAt | date :'shortTime'}} {{data.Movement | number : 2}} {{data.MovementPercent | number: 2}}%