reposted from Nani This should do well with the strong yield?...

reposted from Nani

This should do well with the strong yield?

Property securities fund managers are being spoiled for choice with Elanor Investors Group calling in investment bank Moelis to launch its specialist $250 million shopping centre fund.
The new vehicle, Elanor Retail Property Fund, is slated to hit the boards with a market capitalisation of more than $170m and is likely to rapidly grow from its initial portfolio of five shopping centres. Elanor could tap investors for about $90m and keep a substantial chunk of the trust itself.
Investors are likely to chase the trust for its yield, which will sit close to 8 per cent, well above rival funds, and its income is generated from tenants, including Coles, Woolworths and Big W.
The play is Elanor’s maiden listed trust but the group, led by Glenn Willis, runs high-returning unlisted funds and has built up successful hotel and office funds supported by high-profile local and offshore investors.
Elanor is looking to bring the skills that won it backing in the private world into the listed sphere and is looking at development plays on the centres, including the Tweed Mall it recently acquired from Vicinity Centres.
The Elanor fund is likely to appeal to investors who want to buy into a growth story, as the manager has big ambitions.