25 Jun 2019

EG Successfully Closes Core Plus Fund No. 1

positioner

25 June 2019 – (Sydney, Australia) EG, one of Australia’s leading commercial real estate fund managers, draws the Core Plus Fund (CPF1) to a close with the successful sale of North West Plaza, Everton Park QLD.

EG’s CPF1 was initiated in 2014 with a total gross acquisition asset value of $231 million across 7 assets over a 3-year acquisition horizon. The Fund consisted of Sydney, Melbourne and Brisbane office, industrial and retail real estate assets which had the potential for uplift via strategic capital works and active asset management initiatives.

“We are incredibly happy with the performance of CPF1. The Fund has vindicated the investment strategy of identifying and acquiring assets which disproportionally benefit from repositioning while also ensuring strong underlying cash-flows on limited downside risk” Divisional Director, Daniel Farley said.

Assets within this portfolio also included office properties 92 Pitt Street Sydney, 277 William Street Melbourne and 223 Liverpool St, Darlinghurst. The Fund will deliver net returns to investors of well over 20% EIRR.

The final disposal for the Fund was Brisbane neighbourhood shopping centre, North West Plaza, which has transacted at $42.5 million in June 2019. 
 

The successor fund, EG’s Australian Core Enhanced Fund (EG ACE) has completed its first close of $500 million and is open for further investment for the next 12 months.

We are incredibly happy with the performance of CPF1. The Fund has vindicated the investment strategy of identifying and acquiring assets which disproportionally benefit from repositioning while also ensuring strong underlying cash-flows on limited downside risk

Daniel Farley

Head of Australian Core Enhanced Fund

Capital Transactions

Australian Financial Review

EG Successfully Closes Core Plus Fund No. 1

Shopping Centre News

North West Plaza sells for $42.5 million

TheUrbanDeveloper.com

EG Sells Northwest Plaza for $42.5m

Property Observer

EG successfully close Core Plus Fund No.1 after Everton Park sale