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MPG taps investors to expand A$66M Australian regional cities property fund

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MPG taps investors to expand A$66M Australian regional cities property fund

MPG Funds Management Ltd. is looking to raise at least A$25 million for its new MPG Regional Cities Property Trust to invest in prime commercial real estate assets across regional markets in Australia.

The open-ended investment vehicle will initially hold a portfolio of eight commercial properties on the eastern seaboard of Australia valued collectively at A$66.4 million upon completion, as well as an A$8.3 million interest in the MPG Retail Brands Property Trust, with an initial forecast cash yield of 7.00% per year.

The trust's portfolio features a 2,475-square-meter office building project in Armidale, a 2,619-square-meter office asset in Traralgon, a 1,488-square-meter office and retail center in Bendigo, a 713-square-meter childcare facility in Grovedale and four Centrelink properties in Newcastle.

The fund manager will look to invest in government-leased properties valued at up to A$20 million for the trust, MPG director Brett Gorman said in a release.