APN Property Group
(ASX:APD) has announced the launch of a new unlisted direct property fund, the APN Convenience Retail Property Fund.
The company said the fund is an opportunity to invest in well-located, long lease term properties focusing on the convenience retail sector.
The property funds manager has forecast a sustainable distribution yield of 7.20 percent per annum.
APN Property Group also announced that it has secured two debt funding facilities to support the initiative and provide additional balance sheet capacity and flexibility.
APN Property Group recorded a net profit of $14.83 million at 30 June 2015.
