The Westbridge Total Return Fund

Final asset added to Fund

We are pleased to advise that the final asset for the Westbridge Total Return Fund has now been acquired. This final acquisition brings the Fund’s total assets to $78 million, delivering a well-diversified portfolio across key high-demand sectors including medical, industrial, last-mile logistics, and neighbourhood retail.

The final acquisition is a high-grade industrial warehouse in Thomastown, Victoria, just 15km north of Melbourne’s CBD, offering excellent access to major transport routes.

The property is fully leased to NPFulfilment, a leading logistics partner of Woolworths Group (WOW:ASX), with fixed annual rent increases of 4% and strong potential for rental uplift at lease expiry in 2028.

The Fund is now fully invested and closed to new applications.

Final Asset: high-grade freehold asset in prime industrial precinct.

Address: 62 Northgate Drive, Thomastown, Victoria
Tenant: Fully leased to NPFulfilment until December 2028
Land value: 57% of the purchase price
Land area: 7,600m2
Fund Target: 10-12%* Internal Rate of Return (IRR) what’s this?
Fund Income: Distributions paid monthly, plus potential capital appreciation
Fund Term Ends: June 2027*

*The target IRR is the targeted return of the Fund once all assets are sold and the fund is wound up. The target IRR includes monthly and any special distributions paid as well as capital returned from asset sales. Special Distributions are subject to fund strategies being achieved as outlined in the IM. The target timeframe is to sell down assets of the fund from June 2027 (if not earlier) and return funds to investors. Target returns 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 Information Memorandum for more information, noting the section on financial information and risks before deciding whether or not to invest.

The Fund Strategy

High-Demand Assets with Value-Add Potential

Through our in-depth research and market expertise, we have identified significant potential across commercial sectors where low supply, robust tenant demand and limited new construction are creating favourable conditions for growth.

Our strategy is to identify underperforming assets across these markets and reposition them to maximise their upside potential.

Each property will exhibit strong foundational qualities and meet one or more of the following criteria:

Australia-wide assets where there is strong tenant demand and lack of supply;
Potential for upgrades or capital improvements to increase income and/or value;
Currently under-rented with potential to re-set rents to drive income growth;
Properties with a design that is generic and suitable for multiple business occupations;
To be acquired at or below replacement cost.

In addition, the Fund’s assets will also offer an income stream through their existing tenancies, enabling the delivery of monthly distributions whilst we focus on executing the value-add strategies.

Final Asset: Property & Location

Strategically located 15km from Melbourne’s CBD, the Thomastown asset offers exceptional connectivity for logistics-focused occupiers. With direct exposure to the Metropolitan Ring Road and swift access to major arterials—including the Hume Hwy, Tullamarine Freeway and Western Ring Roads, the site enables efficient distribution across Melbourne including close proximity to Melbourne Airport (20 minutes) and Port Melbourne (30 minutes) which further enhances its appeal for businesses with domestic and international freight requirements.