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Established in 2013, Fort Street Real Estate Capital (FSREC) is a leading specialist real estate investment and asset management company and the investment manager and property manager.
Investment Strategy – The FSREC Property Fund provides investors with exposure to a portfolio of Australian commercial property assets, with a diversified income profile to minimise exposure to risks.
The investment strategy to own and acquire convenience-based retail centres with a strong non-discretionary bias, in addition to office buildings in CBDs, fringe CBDs or major suburban centres.
FSREC currently owns 13 commercial property sites with a combined value of over A$795M.
Performance – The Group’s net asset value (NAV) at 31 December 2020 was $1.61 per which includes the cash for the December 2020 distribution payment.
Excluding the December 2020 distribution, the underlying NAV is $1.60 and represents an increase of 2.5% on the 30 June 2020 proforma NAV stated in the explanatory memorandum. All the assets in the portfolio were independently valued at 31 December 2020, resulting in an increase of 1.2% over the half-year.
The total value of investment properties increased by $9.7 million to $795.8M during this period, with the weighted average capitalisation rate reducing by 4bps to 6.06%.