NOW Closed – Now closed to investment.
Fund facts
Spire USA ROC III Fund (AUD) (the Fund) is the fourth US property-related fund created for Australian investors via the strategic partnership between Spire and US based Bridge Investment Group Partners, LLC (Bridge).
The Fund will invest as a single Limited Partner in a Partnership known as ROC Multifamily & Commercial Office Fund III LP (ROC III), for which Bridge is the Investment Manager. The Partnership is anticipated to comprise US and global institutional investors, endowment funds and family offices.
The ROC III Partnership has a total target equity amount of US$750 million. The Fund is expected to invest between US$50 million and US$100 million, subject to demand via this offer.
ROC III follows predecessor funds ROC I (2009 vintage / US $124 million equity with US$16 million in co-investment) and ROC II (2012 vintage / US$595.5 million equity). As at 30 September 2015, ROC I and ROC II had generated (USD denominated) net Internal Rates of Return (IRRs) of 16.3% p.a. and 28.3% p.a. respectively – and net multiples on invested equity of 1.76x and 1.49x respectively. However, it is important to bear in mind that the past performance of ROC I and ROC II is not a reliable indicator of future performance for ROC III.
Like ROC I and ROC II, ROC III will acquire a portfolio of value-add multifamily and commercial office properties on a ‘buy, fix, sell’ basis. ROC III will have a 3-year Investment Period (expiring January 2018) following which the 5-year Harvest Period will commence.
As at April 2016, an initial 25 properties have been acquired or placed under contract for approximately US$1.1 billion.
These investments are forecast by the Investment Manager, Bridge IGP, to generate an average deal level 3 year cash- on-cash return of 8.7% p.a., a 19.1% gross IRR and a 1.92x net equity multiple.
The Fund aims to provide investors with an annual income stream and future capital growth from a diversified portfolio of quality properties, each of which Bridge has identified as having realisable value-add potential. The execution of value- added business plan for each asset is designed to enhance Net Operating Incomes and values.
The Fund operates on a total return basis and as such will not measure its returns against a benchmark.
Units in the Fund will not be listed or actively traded and should be considered as a long-term investment. Invested capital is expected to be progressively returned as each asset is stabilised and sold primarily during the Harvest Period, which will begin in January 2018. Alternatively, a portfolio sale or IPO exit could result in a complete return of capital at a single date within the Harvest Period.
The Fund is designed for Australian investors to increase their allocations to both global investments and alternative investments.
Ordinary Units
| Performance as at 30 September 2023 | Net Returns* |
|---|---|
| 1 month | 2.99% |
| 3 months | 25.16% |
| 6 months | -31.37% |
| 1 year | -43.28% |
| Since inception p.a.* | 12.02% |
Past performance is not an indicator of future performance. Performance Since Inception – Inception date (31 August 2016) occurred from the commencement of NAV based unit pricing, following the completion of capital raising in August 2016.
Please note, however, that each investor’s performance numbers are calculated on an individual basis from their time of application and may differ from the above.
*Performance since inception is measured as the Internal Rate of Return since inception. The IRR is the annualised rate of return that equates the amount and timing of irregular cashflows since inception with the period end value. The IRR replaced the time weighted since inception return, effective from 30 June 2023.
| Date | Unit Price | Net Monthly Return |
|---|---|---|
| 30 September 2023 | $0.0414 (CUM) | 2.99% |
| Period | Distribution Amount (cents per unit) | EX Price | Distribution Component |
|---|---|---|---|
| 31 August 2023 | 18.1548 CPU cash | $0.0402 | |
| 30 June 2023 | 3.4113 CPU cash; 2.1620 CPU FITOs | $0.1825 |
 Spire-ROC-III-Distribution-Components-30-June-2023
|
| 30 September 2022 | 9.1516 CPU cash; 5.8002 CPU FITOs | $0.4780 | |
| 30 June 2022 | 13.3358 CPU cash; 2.1522 CPU FITOs | $0.5346 |
Spire-ROC-III-Distribution-Components-30-June-2022
|
| 31 December 2021 | 5.44459 CPU cash; 0.8789 CPU FITOs | $0.5381 | |
| 30 September 2021 | 10.0000 CPU cash; 1.6139 CPU FITOs | $0.5134 | |
| 30 June 2021 | 16.4332 CPU cash; 2.2673 CPU FITOs | $0.5484 |
Spire-ROC-III-Distribution-Components-30-June-2021
|
| 31 December 2020 | 14.8108 CPU cash | $0.6284 | |
| 30 June 2020 | 6.0701 CPU cash; 1.4418 CPU FITOs | $0.7733 |
|
| 31 December 2019 | 21.6043 CPU cash | $0.7955 | |
| 30 June 2019 | 26.4595 CPU cash; 1.5624 CPU FITOs | $0.9283 |
|
| 30 June 2018 | 7.4290 CPU cash | $1.0271 |
|
| 30 June 2017 | 2.1829 CPU cash | $0.9233 |
|