30 July 2019

333 Exhibition Street Property Fund has recorded a 16% increase in the valuation of its property asset in Melbourne’s central business district for the 2019 financial year.

Located at the intersection of Exhibition and La Trobe Streets, Melbourne, VIC, the office building has increased in value by 22.4% to $47.0 million since its acquisition in December 2017 was completed for a total consideration of $38.385 million. The valuation of the property was completed on 30 June 2019 by Knight Frank Valuation & Advisory Victoria.

Mario Papaleo, Managing Director of KM Property Funds, the Responsibility Entity of 333 Exhibition Street Property Fund, said “We are delighted with this exceptional result, which reflects the building’s location in the CBD of Melbourne, Australia’s fastest growing state capital, and in a precinct that is undergoing substantial transformation with forthcoming landmark office developments, residential projects, hotel and convention facilities.”

Tom Davis, Managing Director of KM Property Funds also added, “This is a great outcome for the investors in 333 Exhibition Street Property Fund; they have been rewarded for recognising the capital growth potential of investing in a rare opportunity in Melbourne’s CBD.  Since inception in 2018, 333 Exhibition Property Fund has delivered a total return of 17.6% p.a. after all fees.”

KM Property Funds will be issuing a new Net Tangible Asset price per unit for the fund as soon as the financial accounts have been finalised. The price will reflect the latest valuation and other assets or liabilities of the fund, including interest rates hedges.

About 333 Exhibition Street Property Fund

333 Exhibition Street Property Fund owns the commercial office building at 333 Exhibition Street, Melbourne, VIC, which is in Melbourne’s prestigious parliamentary precinct and is fully leased to the University of Melbourne.