Multiplex raises £78m for European fund
Multiplex has completed the fundraising for its European property fund.
The Australian company’s property fund management division Multiplex Capital raised A$184m (£78m) from Australian investors for the Multiplex European Property Fund. Multiplex Property Trust has made a 20.15% investment in the fund.
The capital raising was jointly carried out by National Australia Bank and Commonwealth Securities.
The fund has an initial portfolio valued at E364m (£245m), consisting of 67 retail, logistics, office and nursing home properties in Germany.
Multiplex Capital’s divisional director of funds management in London, Kevin Murphy, said investors were attracted by ‘annualised income returns of 8.50%, a diversified portfolio of property assets with an attractive weighted average lease expiry of around 9.8 years and a high occupancy level of 98% throughout the portfolio’.
The new fund increases Multiplex Capital’s funds under management to A$7bn (£2.96bn).