NOW Closed – Now closed to investment.

Fund facts

Asset Class
Global Real Estate
APIR
ETL0371AU
ASRN
162 507 020
PDS Date
April 5, 2013
Suggested Investment Period
At least 7 years
Distribution
Annually as at 30 June
Redemptions
N/A - The Fund is closed ended
Applications
Closed to new investment
Wrap Access
Available on BT Wrap and Asgard.
Investment Partner

The Fund acts as an Australian feeder fund into the assets of Real Estate Opportunity Capital Fund, LP (“ROC II”). ROC II is a US$2.1 billion “buy, fix, sell” private equity real estate fund, investing in value-add US multifamily apartment communities and office buildings, which are generally acquired opportunistically from distressed sellers or Mortgagees in Possession.

The Fund owns a 5.88% share of a diversified portfolio of ‘value-add’ real estate assets across the US. As at the date of this update, the ROC II portfolio had invested in 52 multifamily apartment communities and 9 office buildings, and of these 11 have now been sold at an average 22.2% net IRR and 1.38x multiple on invested equity. US$1.9 billion in assets remain, which will also be progressively sold down during the ‘harvest period’ as each asset’s value has been maximised and stabilised.

The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned 5 April 2013) referred to in this document is limited to “General Advice” (as defined by the Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Zenith usually charges the product issuer, fund manager or a related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessment’s and at http://www.zenithpartners. com.au/ RegulatoryGuidelines.

Ordinary Units

Performance as at 30 September 2019 Net Returns*
3 months2.30%
6 months2.76%
1 year-1.52%
3 years p.a.1.24%
5 years p.a.8.61%
Since inception p.a.9.65%
Since inception77.83%

*Performance returns are based on an investment made at the Fund’s first issuance of units in June 2013 at $1.00 per unit and includes Unit Price growth from commencement of Net Asset Value calculated after all fees and expenses following the completion of capital raising in December 2013. Unit Price and performance do not include the value of Foreign Income Tax Offsets (FITOs) which have been distributed in addition to cash. Individual investor performance will vary according to the Issue Price at which they were issued Units in the Fund. Past performance is not an indicator of future performance.

Date Unit Price Net Quarterly Return
30 September 2019$0.07332.30%
PeriodDistribution Amount (cents per unit)EX priceDistribution Component
30 June 2019 2.5450 CPU cash $0.0717
30 June 2018 27.4924 CPU cash, 11.3140 CPU FITOs $0.0999
30 June 2017 99.3670 CPU cash, 15.4574 CPU FITOs $0.3749
30 June 2016 28.3186 CPU cash, 0.7398 CPU FITOs $1.2815
30 June 2015 6.9306 CPU cash, 0.4833 CPU FITOs $1.4809
30 June 2014 2.4545 CPU cash, 0.3777 CPU FITOs $1.0814