New Mustera fund buys $16.5m centre

North Fremantle-based Mustera Property Group has announced the launch of a new fund, with its first purchase being a $16.5 million shopping centre in Perth’s southern suburbs.

The Mustera Property Fund, comprising a group of private investors and Mustera, has $8 million in equity, of which Mustera has contributed $1 million.

The company said the fund was a long-term managed investment scheme with an intention to expand its assets.

Mustera has the exclusive right to invest and manage the fund’s portfolio, a role for which the company will receive ongoing management fees.

The fund’s initial acquisition will be the Shoalwater Shopping Centre, which is located within the City of Rockingham, for $16.5 million.

The centre is located on Safety Bay Road on a site of approximately 1.47 hectares, with 4,700 square metres of gross leasable area.

The facility includes a Supa IGA, medical centre, tavern and 16 specialty stores, collectively let on long-term leases with an average weighted lease expiry of about seven years.

Executive director Nick Zborowski said the shopping centre was a solid first acquisition for the new fund.

“We have been considering for some time now the introduction of a funds management arm to our business and have spent the last few months discussing opportunities with potential key investors as well as searching for a suitable asset to launch the fund,” he said.

“The Shoalwater Shopping Centre is an excellent acquisition which offers solid metrics across all criteria.

“The fund’s committed investors are very supportive and we’re excited about the potential for MPF, with a strong pipeline of additional investment opportunities already being considered.”

Shares in Mustera were unchanged at 29.5 cents each at 1pm AEDT.