30 July 2019

NewActon East Property Fund has recorded an increase in the valuation of its commercial office asset in the financial year ending 30 June 2019. The property at 21-23 Marcus Clarke Street Canberra has increased in value by 3.8% to $52.75 million since the last revaluation one year ago of $51.0 million. The valuation of the property was completed as at 30 June 2019 by JLL Canberra.

Mario Papaleo, Managing Director of KM Property Funds, the Responsibility Entity of NewActon East Property Fund, said “We are very happy with this result. It adds to the overall return of a strong performing fund and reflects the quality of the property and tenants.”

Since inception in 2014, NewActon East Property Fund has delivered a total return of 10.4% p.a.

David Omond, Managing Director of KM Property Funds added “Sean McConnell’s new café and restaurant, Rebel Rebel, will be opening in the next few weeks and will add to the appeal of the property. We are also close to finalising lease terms with a new tenant for office space on the ground floor which is due to expire later this year”.

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 the NewActon East Property Fund

NewActon East is located at 21-23 Marcus Clarke Street, NewActon, Canberra, and is only three kilometres from Parliament House. NewActon East is a modern mixed-use building comprising retail, offices, 32 residential apartments on the upper levels and 176 car parking spaces. The Fund has acquired the commercial part of NewActon East.