WESTERN Australian property investor Aspen Group Ltd has bought a Sydney office property for $31 million, a price slightly above its stated $5 million to $30 million range, as it seeks grow its Aspen Diversified Property Fund by $250 million. Aspen Diversified is an unlisted commercial property fund launched in April 2005 and managed by Aspen Funds Management Limited, a wholly owned subsidiary of the Aspen Group. Aspen Group managing director Angelo Del Borrello said the proposed acquisition was in keeping with the strategic direction of the fund and would lift gross assets for Aspen Diversified to $80 million, represented by seven properties. “We are seeking to grow the fund to $250 million in assets, focusing on properties in the $5 million to $30 million range, an area which Aspen believes offers good opportunities for investors,” he said.
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