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| Rebate Offer |
2.4% (80%) |
| Minimum Initial Investment |
$10,000 |
| Expected Close Date |
CLOSED |
| Description |
The APN Champion Retail Fund is an unlisted, fixed term property fund and will seek to purchase an 80% interest in a portfolio of 16 supermarkets in Greece. |
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The APN Champion Retail Fund seeks to raise A$56 million in funds to acquire a proposed 80% interest in the Champion Portfolio.
The Champion Portfolio has been independently valued at $126.2 million and includes supermarkets located throughout Greece leased to Carrefour Marinopoulos until 2022. Carrefour Marinopoulos is the largest retail chain in Greece and a subsidiary of the Carrefour Group which is the largest retailer in Europe and second largest retailer worldwide.
The Fund is forecast to provide an initial annualised yield of 9.0% for the 2008 financial year, 9.3% in 2009 and 9.5% in the 2010 financial year.
APN Funds Management expects the fund to be in operation for approximately 6 years from commencement, (approx Oct 2013) after which the Fund's interest in the Champion Portfolio will be sold, with net proceeds distributed to unitholders and terminate the Fund.
Key Features
- High initial yield and tax deferred
- Long and high quality underlying lease to Carrefour Marinopoulos to 2022
- Rental growth underpinned by CPI
- Half yearly distributions
- Minimum investment: $10,000
- Unit issue price: $1.00
- Life of fund: approximately 6 years to October 2013
APN Funds Management is a specialist international property funds management company with total assets of more than $4.9 billion across 14 different property funds. APN operates with a team of 50 staff in Australia and in addition has established a proerty and asset management team of over 30 people across eight European countries.
| Fee Disclosure | | 2020 DIRECTINVEST will rebate 2.4% of the 3.0% upfront commission on investments in the APN Champion Retail Fund as a rebate cheque. 2020 DIRECTINVEST will retain 0.6% to cover postage & handling, marketing and administration of the fund. No trailing commission is paid on the APN Champion Retail Fund. |
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