MRE - Metrics Real Estate Multi-Strategy Fund

[Dona Ferentes]

listing soon .. still seeking capital

Listing date	16 October 2024 ; 11:00 AM AEST ##
Contact details	https://metrics.com.au/listed-funds/metrics-real-estate-multi-strategy-fund/ Ph: 61 2 9229 9000
Principal Activities	Listed Investment Trust; investment in unlisted securities
Issue Price	AUD 2.00
Issue Type	Fully Paid Units Stapled Securities
Security code	MRE
Capital to be Raised	$300,000,000
Expected offer close date	25 September 2024
Underwriter	Not underwritten. Taylor Collison Limited, Canaccord Genuity (Australia) Limited, Commonwealth Securities Limited, E&P Capital Pty Limited, Morgans Financial Limited, National Australia Bank Limited and Ord Minnett Limited (joint lead managers).

 

[Dona Ferentes]

from Livewire Markets.

Metrics Real Estate Multi-Strategy Fund (ASX: MRE) Commences Trading

During the month, MRE commenced trading on the ASX. MRE is the third LIT in the Metrics stable. The Fund raised $302.8 million through the issue of 151.4 million stapled securities at an issue price of $2.00 per stapled security. The Fund declared a monthly distribution of 0.63 cents per security to be paid on 8 November 2024.

As we discussed in the LMI Monthly Update published on 6 September 2024, the Fund is designed to provide broad exposure to commercial real estate (CRE) investments in Australia and New Zealand, with the ability to invest in Developed Asia. The objective of the Fund is to provide income, preserve capital with the potential for equity upside with the portfolio investing across the capital structure, including senior loans, mezzanine debt and equity instruments. The Fund has a total target return of 10%-12% p.a, net of management fees and expenses, through the economic cycle.

Given the target subscription amount of $300 million was raised, the fees and costs of the Fund, which include management fees, responsible entity fees and direct and indirect costs, is expected to be 1.29% of the Fund’s NAV for the first 12-months from the commencement of trading on the ASX. Following this period, the fees are expected to be 1.54%. The Manager is also eligible for a performance fee of 15.38% of the Fund’s returns above the Hurdle Rate of 10% p.a. (net of fees).
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since listing