Australian property investment group Quanta Investment Funds has closed its third deal in four months, adding a Tasmanian asset to its growing portfolio for $13.5 million
The acquisition brings the fund’s investors a fully-occupied retail centre on St John Street in the heart of Launceston’s CBD. The centre is leased to national ASX-listed companies including BCF, Super Cheap Auto, Beacon Lighting, as well as one of Europe’s largest banks, Rabobank.
With a 4.3-year weighted average lease expiry (WALE), paired with the region’s strong tenancy demand, the purchase was a low-risk, high-return prospect for investors and the first of its kind for the up-and-coming funds manager.
Quanta Investment Funds CEO Stacey Jones said the deal took Quanta’s assets under management to more than $750m and was the icing on the cake of what has been a stellar first year for the company.
“Securing this property hot on the heels of Ann Street and Yamanto in Queensland has been an incredible way to wrap up 2022,” Jones said.
“Much like Ann Street, we were able to fully subscribe the Launceston Trust opportunity within 3 weeks and secure a first year distribution of 8 per cent – a great indication that we’ve got the right team and the right approach when it comes to delivering value for our investors.”
Jones said purchasing the Everyday Retail Centre enabled the Quanta team to bring investors another true core plus asset.
“There is a lot of appetite out there for high-quality retail investments, particularly where the tenancy mix is strong and there is potential for income and capital growth over time,” she said.
Quanta Investment Funds entered the market under its new brand in 2022, with Jones crediting its early success to the expertise of the team and focus on listening and adapting to changing investor needs.
“Ultimately we want our investors to have more choice across the risk-return spectrum, and in varying markets and sectors when it comes to investing in commercial real estate, so that they can access opportunities that suit their needs, and grow stronger financial futures.”
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