The Trust’s strategy is to invest primarily in retail and office properties (with industrial and alternative properties as a secondary focus). The Trust does not intend to take on development or construction risks nor does it intend to invest in any properties where the levels of rental income are primarily derived with reference to the operational performance of the tenant.
PCEPT aims to maximise income and capital returns through active property management and an opportunistic yet focused acquisition strategy.
The Initial Portfolio has a diverse tenant base. Major tenants, which represent 83.3% of the rental income of the Initial Portfolio, are the Edeka Group (a leading food retailer in Europe and the largest food retailer in Germany), Rewe Group (one of the leading food retailers in Europe and the second largest food retailer in Germany), Schwarz Group (Germany’s second largest network of food discount retailers), Norma (a German discounter), Tengelmann (a grocery, DIY, and a clothing retailer), and Peugeot (Europe’s second largest car manufacturer).
Pengana Credo Fund Management TeamPengana Capital is the Trustee and Joint Manager of the Trust, and oversees the structuring, capital raisings and risk management. The Manager is a joint venture between Pengana and Credo. The Manager provides management services to the Trustee (including the evaluation and execution of investment opportunities) and asset management services in relation to the Initial Portfolio and any further properties acquired by the Trust. In addition, through Credo, the manager is responsible for sourcing new investment opportunities for the Trust. The Trustee has appointed an investment committee to primarily assist the Trustee in making decisions regarding acquisitions, disposals, due diligence and certain other matters relating to the Trust assets. |
| Fund Style | Closed end unlisted Australian Property Trust |
|---|---|
| Fund Objective | To achieve a total return in excess of 12% p.a. |
| Inception Date | 01 November 2004 |
| Management Fees | 1.3325% |
| Performance Fees | 20.5% of the outperformance above the S&P/ASX Small Ordinaries Accumulation Index |
| Trustee Fee | Nil |
| Fund Investments | European property |
| Exit Strategy | Target ASX listing within 3 to 5 years |
| Date Closed | 11 May 2007 |
| Equity Raising | $52.4 million |
| Initial Assets Under Management | A$158 million of European property |
| Growth Target | To expand assets invested to A$1 billion through further acquisitions |
| Currency Hedging | Targeting 95% income and 90% capital hedge |
| Buy / Sell Spread | 0.15% each on applications and redemptions |
| Distribution | Quarterly |
| Minimum Initial Investment Amount | $100,000 |
| Investor update | December 2009 | Click to view |
|---|
| Quarter End | Cum Price A$ | Ex Price A$ | Distribution A$ | History |
|---|---|---|---|---|
| 30/06/2008 | 0.7261 | 0.7029 | 0.0231 | Click to view |
If you have any queries regarding unit prices or distribution payments, please contact our Operations Team on +61 2 8524 9900 or operations@pengana.com.
For products information and sales please contact a member of our Distribution Team -
Alex Vynokur: +61 2 8524 9900, alex.vynokur@pengana.com
Denis Carroll: +61 2 8524 9974, denis.carroll@pengana.com