360 Capital new fund to buy two shopping centres

Company News

360 Capital Group Limited (ASX:TGP) has established a new unlisted fund which is set to acquire two shopping centres for $68 million. 
The property investor and fund manager has inked a deal to buy the centres on behalf of the newly created $70.4 million 360 Capital Retail Fund No. 1. 
The new fund is aiming to offer potential investors an 8 per cent annual distribution yield and will begin a $43 million equity capital raising in February 2015. 
360 Capital Retail Fund No. 1 will hold a neighbourhood shopping centre called Windsor Marketplace in Sydney and an unnamed sub-regional shopping centre in Queensland. 
360 Capital Group reported a net profit of $28.1 million in the 2014 financial year.