Beacon Lighting Group (ASX:BLX) has established a property fund and acquired its first property.
The Beacon Commercial Property Fund has been established to own several subfunds which will be used to acquire properties for the purposes of leasing them to Beacon Lighting and other tenants.
Beacon Lighting Group has a 50 per cent stake in the fund. The other 50 per cent is owned by Ian Robinson, the Executive Chairman of the Beacon Lighting Group.
The company says “investment in the Fund may also become available to other third party investors in the future”.
Shares in Beacon Lighting Group (ASX:BLX) closed 5.4 per cent higher at $1.47 yesterday.