Westbridge Diversified Property Fund No. 4

Open

INVEST
6.5 -7%
p.a.

TARGET DISTRIBUTIONS PAID MONTHLY*

$ 100 -150
million

TARGET SIZE OF FUND ONCE CLOSED

$ 50 k
min investment

*Forecast distributions are not promised nor guaranteed and are based upon a number of assumptions. Their achievement is subject to risks. The target return range is a target only, not a forecast and it might not be achieved. Please refer to the PDS for more information, noting the section on financial information and risks.

Westbridge Diversified Fund No.4 follows on from the popular Diversified Fund series open to retail and wholesale investors.

Each Diversified Fund established has set out to acquire a portfolio of commercial properties that is diversified by state, asset class and tenants with the principal aim of providing consistent income while targeting assets that have potential for capital growth in addition.

For a summary of the performance of our existing Diversified Funds please click here.

Fund Targets

This Westbridge Diversified Fund No. 4 is targeting a $100-150 million property fund through the purchase of up to 12 assets. This Fund offers investors the opportunity to invest in a portfolio of high-quality commercial properties diversified by state, asset class and number of tenants.

The acquisition focus of the fund remains consistent with our existing diversified series with a national mandate, focusing on assets where there are compelling attributes for investment.

The distributions target for FY22 is 6.5% at inception with the intention to source a portfolio of assets that will assist in growing the target distribution to 7.0% in FY23.

Raising Information

Expressions of Interest

Now Open


Minimum Raise

$8,750,000


Minimum Investment

$50,000


Funds Required

11 February 2022

Features of the Fund

  • The Fund will hold a diversified portfolio of commercial assets across multiple sectors including industrial, medical, large format retail and/or more.
  • Targeting $100-$150 million of commercial assets.
  • Strong lease covenants, targeting quality national, international, and listed tenants.
  • Fund distributions targeted at 6.5% p.a. paid monthly* (capital growth in addition).
  • Depreciation benefits and tax advantaged income distributions to investors.
  • Professional and experienced managers.

Second Asset

41-43 Baile Road, Canning Vale WA

The second asset to be added to the Fund is a recently refurbished office/warehouse facility erected on a significant 23,177sqm general industrial zoned site in Canning Vale, WA, leased to Blackwoods, a wholly owned subsidiary of Wesfarmers.

Blackwoods has grown to become Australia’s largest supplier of industrial and safety supplies and services a wide variety of customers of different sizes across Australia and New Zealand through an extensive supply chain, branch network and online platforms with a major supply contract to BHP.

Situated in one of Perth’s premier industrial locations in Canning Vale, we believe this property is a great addition to the Fund which we are targeting further acquisitions with a view to filling the fund over the next 12 months.

Key Features

Address

41-43 Baile Road, Canning Vale WA 6155


Land Area

23,177 sqm


Building Area

10,460 sqm


Tenant

Blackwoods, wholly owned subsidiary of Wesfarmers

Investment Highlights

  • A functional office warehouse logistics facility with recently refurbished offices and a newly constructed dangerous goods store with ESFR sprinklers.
  • The asset is positioned on a commanding 23,177sqm site and benefits from full vehicle circulation, drive through capability and all-weather loading from multiple canopies.
  • The property is fully leased to J Blackwood & Son (Blackwoods), a wholly owned subsidiary of Wesfarmers Limited (ASX:WES).
  • A 5-year lease term agreed in February this year with 2 x 5 year options.
  • Commencing rent of $815,000 per annum ($78/sqm) and annual CPI reviews providing consistent cashflow for the Fund.
  • The generic facility and existing internal wall of the warehouse allows for future sub-division if required.
  • The current passing rent is considered below current market rates, which allows for future positive rental reversion.
  • Strategically located 19km South of the Perth CBD, 18km East of the Fremantle Port and 15km West of the Kewdale Intermodal Freight Terminal.

First Asset

125 & 145 Northcorp Boulevard, Broadmeadows VIC

To commence the fund, we have secured via a competitive on-market campaign, two adjoining Industrial Distribution Facilities in Broadmeadows, Victoria leased to Holman.

Holman is an Australian family-owned WA business in operation since 1966 and a key supplier of hose pipe and reticulation products to Bunnings, Tradelink and Reece amongst others.

We believe the 7-year lease term to Holman provides a great platform to launch the Westbridge Diversified Fund No.4 and will be targeting further acquisitions with a view to filling the fund over the next 12 months.

Key Features

Address

125 & 145 Northcorp Boulevard, Broadmeadows VIC 3047


Land Area

14,381 sqm


Building Area

8,275 sqm


Tenant

Holman Industries

Investment Highlights

  • Modern logistics distribution facility split over two adjoining buildings extended and refurbished in 2010.
  • The improvements comprise two separate buildings situated on 8,275sqm, with dual street frontages.
  • Sale and Leaseback to Holman Industries on initial term of 7 years and 2×5 year options with a commencement net rent of $750,000 per annum ($91/sqm).
  • Leased to Holman – a national supplier of domestic watering products, lighting, garden décor and plumbing fittings. Holman Industries has a diverse client base of over 600 customers with major customers including Bunnings, Reece, Tradelink and a multitude of additional family-owned businesses.
  • Fixed annual rent reviews of 3.0%.
  • Triple Net Lease (Lessee responsible for all outgoings including those of a capital/structural nature and management fees).
  • The functional improvements and the ability for the buildings to be separated provides flexibility to lease to multiple users.
  • Two separate titles with the ability to sell the buildings individually offering flexible exit strategies.
  • Located in core Melbourne north industrial precinct benefiting from to major arterial road networks including the Western Ring Road, the Hume Highway and the Hume Freeway.

Expression of Interest

Complete the form below and we’ll provide you with more information on this investment opportunity.

    A Product Disclosure Statement (PDS) and Target Market Determination (TMD) for the fund will be made available when the fund is launched or otherwise becomes available. By returning this EOI form to Westbridge Funds Management, you will receive a copy of the PDS and TMD, and these will also be made available via www.westbridgefunds.com.au. Investors should consider the PDS and TMD before deciding whether to invest in the fund or continue to hold units in the fund. This is not a PDS or any form or offer to invest in Westbridge Diversified Fund No.4 ARSN 653 544 168 (Fund). This document is supplied to you for information purposes only and for no other purpose. This document is not and should not be considered as giving financial product advice by either Mair Property Funds Limited ACN 151 957 676 t/a Westbridge Asset Management (Manager) or Mair Property Securities Limited ACN 091 623 862 AFSL number 238386 (Responsible Entity) or any of their respective shareholders, directors, officers, agents or advisers. It does not purport to contain all the information that a prospective investor may require in connection with a decision to invest in the Fund and does not constitute any offer to sell or to subscribe for any units in the Fund. The information contained in this document, whether express or implied, is published or made by the Manager in good faith in relation to the facts known at the time of preparation. Information is current as at the date of this document, unless otherwise noted. Past performance is not indicative of future performance.
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