FKP Funds Management has bought four Sydney properties for $50.7 million. The investments are in the office, retail and industrial markets.
The properties include the purchase of a Mosman shopping centre for $12.5 million, an office building in Ultimo for $11.5 million and an industrial warehouse in Granville for $11.2 million.
The three properties were funded by the FKP Core Plus Fund. The fund was closed in November 2006 after raising $136 million from 18 institutional investors.
The investors included superannuation funds Statewide and Westscheme and Melbourne University's endowment fund.
"The assets were carefully selected to meet the fund's objective of targeting undervalued properties that offer repositioning opportunities and superior returns," FKP executive general manager of funds management Adam Learmonth said.
FKP Property Trust bought the fourth property, a commercial building on Bridge Street in the CBD, for $15.5 million.
"The acquisition increases the FKP Property Trust's exposure to the Sydney office market to 27 per cent, a market we believe has significant growth potential," Learmonth said.
