NOW Closed – Now closed to investment.

Fund facts

Asset Class
Global Real Estate
APIR
ETL1567AU
ASRN
623 620 440
PDS Date
June 15, 2018
Suggested Investment Period
5-7 years
Distribution
Annual as at 30 June
Redemptions
N/A - The Fund is closed ended
Applications
Closed to new investment
Wrap Access
N/A
Investment Partner

The Fund will invest as a single Limited Partner in a US private equity real estate investment program implemented by the Investment Manager, Bridge Investment Group LLC, a specialist real estate manager with in excess of US$10 billion AUM and over 1,000 employees nationwide. The Bridge Office Program which will acquire value-add commercial office buildings in high growth markets within the United States.

Investment in value-add commercial office properties has been an integral part of the investments within the highly successful ‘ROC’ fund series, which began in 2009. ROC is an acronym for ”Real estate Opportunity Capital”, and reflects the private equity real estate fund thesis of having committed capital available to take advantage of opportunities in the market.

The Bridge Office Program is seeking to raise a total of US$750 million in total equity commitments from Limited Partners, with a target rate of total return on invested capital of a 14-16% net IRR (USD denominated). If the Investment Manager is successful in achieving its capital raising target, we would anticipate that between US$1.5 billion and US$2 billion in value-add office properties will be acquired within pre-defined target markets over the program’s 3-year Investment Period, which began in July 2017. As at the date of the PDS, the program has already acquired 19 value-add commercial office assets at a total cost of US$507.65 million. The Investment Manager has estimated that this price represents a 51% discount to replacement cost.

The Investment Manager’s investment approach in the Bridge Office Program combines a disciplined asset selection process with a focus on operationally-oriented, value-added improvements that increase tenant satisfaction and solve vacancy issues. These improvements are designed to drive growth in Net Operating Income (NOI) and value. This value-add approach is core to the Bridge DNA.

The period following the expiration of each program’s Investment Period is known as its Harvest Period, during which Bridge and its affiliates will execute sales of stabilised investments, i.e., those investments whose value-add strategies have been completed, on an individual or portfolio basis. Realised capital and profits will then be returned to investors, whilst net rental incomes are distributed annually.

We believe that an investment in the Spire USA ROC Office Fund I (AUD) is a worthwhile consideration for those investors seeking to diversify part of their portfolio both globally and into an ‘alternative’ investment strategy which seeks to generate above market returns, with low or potentially inverse correlation to the returns and volatility of Australian and global listed equity markets.

Spire USA ROC Office Fund I (AUD) is a unit class of Spire USA ROC IV Fund (AUD).

The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned 5 June 2018) referred to in this document is limited to “General Advice” (s766B 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 and is subject to change at any time without prior notice. 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. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at www.zenithpartners.com.au/ regulatory-guidelines-funds-research
Performance as at 31 August 2019 Net Returns*
1 month4.39%
3 months4.87%
6 months 5.99%
1 year7.75%
Since inception p.a.7.25%
Since inception7.58%

*Performance returns are based on an investment made at the Fund’s first issuance of units on 15th August 2018 at $1.3849 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 March 2019. 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 Application Price at which they were issued Units in the Fund, which in turn was based upon the AUD / USD exchange rate applicable on the day that an investment is accepted. Past performance is not an indicator of future performance.

Date Unit Price Net Monthly Return
31 August 2019$1.44694.39%

PDS/IM & Forms

Product Disclosure Statement (PDS)
pdf
Interactive Application Form
pdf
Off Market Transfer Form
pdf
Change of Contact Details Form
pdf
Change of Advisor Form
pdf
Change for Bank Details Form
pdf
TFN/ABN Notification Form
pdf

Research

Zenith Research Report
pdf

Monthly Fact Sheets

PeriodDistribution Amount (cents per unit)EX PriceDistribution Component
30 June 2019 4.0382 CPU cash; 0.1050 CPU FITOs $1.3614