DEVELOPER Time & Place has partnered with investment manager MaxCap Group to establish the MaxCap Industrial Opportunity Fund, looking to capitalise on unprecedented demand for medium sized industrial lots.
The fund has a $150 million cap and will acquire industrial-zoned land parcels across Melbourne, Sydney and Brisbane, to be developed into lots typically between 1,000 sqm to 5,000 sqm and sell them on to small and medium sized businesses for warehousing, logistics, manufacturing and other industrial uses.
More than 75% of its initial $100 million target equity commitments from private and institutional investors has been secured, with aims of reaching the $150 million cap in 2020.
The fund is a four year, closed ended vehicle targeting a net return to investors of over 15%.
Since the fund’s launch, settlement has occurred on a 9.78 hectare site in Epping in Melbourne’s north, and a 16.7-hectare site in the western Melbourne suburb of Truganina.