APN Coburg North Retail Fund
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The APN Coburg North Retail Fund (the “Fund”) (ARSN: 601 833 363) is a single asset fixed term direct property fund which owns the Coburg Hill Shopping Centre. The Fund is now fully subscribed and is closed to new applications.

Completed in April 2014, the Centre is anchored by a full-line Woolworths supermarket and BWS outlet complemented by seven specialty tenants. Representing almost 60% of rental income, Woolworths has agreed to a 20 year lease expiring in 2034 underpinning Coburg Hill’s weighted average lease expiry of 13.9 years (by income).

The property is well located and is supported by significant residential development in the immediate catchment area positioning the Fund to deliver a sustainable income yield with the potential for capital growth over time. The Fund has an attractive distribution yield of 7.40% which will be paid monthly until 30 June 2015, increasing to 7.60% until 30 June 20161

The property is 95.7% occupied (balance subject to 18 month rental income guarantee), with a weighted average lease expiry (WALE) of 13.9 years (by income) and 15.8 years (by NLA) as at 30 September 2014.

With strong fundamentals and an active asset management approach, the APN Coburg North Retail Fund is positioned to deliver a sustainable income yield with the potential for capital growth over time.

Income split by tenant

Lease expiry profile (by income)

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AT A GLANCE
Investment type
Single asset, closed-end unlisted property fund
Investment objective
Stable income and capital growth
Property
Coburg Hill Shopping Centre
Property value
$18.9 million (Independent valuation as at 30 September 2014)
Key tenant
Woolworths
Weighted average
lease expiry
13.9 years (by income) and 15.8 years (by NLA) as at 30 September 2014
Occupancy
100% (including ~5% rent guarantee)
Investment term
7 years
Distributions
Forecast initial distribution yield of 7.40% p.a. to 30 June 2015, forecast to increase to 7.60% p.a. for the year ended 30 June 20161
Tax deferral
Distributions will include a tax deferred income component of 90-100%2
Distribution frequency
Monthly
Gearing
49.7%
Net Asset Value
0.8796    History...
Liquidity
Withdrawals will not be available during the term of the Fund.