Natgen in WA venture

Property fund manager Natgen has expanded into WA by acquiring shopping centre Collie Central for $10m for its unlisted property trust fund, Natgen Investment Trust CO24.

The complex, about 170km south of Perth, is anchored by Woolworths and major tenants include Terry White Chemmart, Liquorland, OPSM, and a WA government office.

The centre has a weighted average lease expiry of 4.5 years and a total tenancy area of 4500sq m.

The trust raised $6.5m in equity from wholesale investors, which was combined with a $5m debt facility to fund the acquisition.

It offered a distribution of 8.5 per cent per annum over a five to six-year term, with potential for further income generation and long-term capital growth.

source: The Australian, 9th May 2024, page 9