Acure Funds Management Ltd Closes Their Offer Oversubscribed

Acure Funds Management Ltd is pleased to announce that Outback Unit Trust settled on the purchase of 55% of the units in the Apartment 66 Unit Trust (Outback Newman) and OTC Carnarvon Unit Trust (Outback Carnarvon) after the completion of an oversubscribed offer. Acure Funds Management Ltd as trustee for the Unit Trusts look forward to delivering quarterly distributions to all unit holders.

As part of the roll out of a network of the BP supported Outback Travel Centres(OTC) in the Northwest of Western Australia, the Vendors and 45% Owner, have commenced construction of a new Outback Travel Centre in Karratha.

Acure Funds Management Ltd have commenced putting together an Information Memorandum(IM) to acquire 51% of the Karratha property.

Below is a Summary of the recently settled transaction.

1. Purchasing 55% of the properties that operate as Outback Travel Centre Carnarvon and Newman for $10.45m in equity
2. Current Vendors are retaining 45% – $8.55m
3. Total valuation of properties – $26.25m
4. First year Forecast Distribution – 14.1% payable quarterly
5. Average (7yr) Distribution – 15.8% pa payable quarterly
6. Projected IRR – 17.4%
7. First year loan to value ratio (LVR) – 35%
8. Weighted Average Lease Expiry – 14.6 years

If you would like to register your interest in Acure Funds Ltd management please click here.