Equity fund seeking $150m
09 SEPTEMBER 2019
QUINTESSENTIAL Equity has identified Geelong as a key target after launching a capital raising venture which is seeking $150 million to take advantage of purchasing opportunities in commercial property.
The launch for Master Fund No.2 will present investors with an opportunity to access a fund that seeks to provide a net internal rate of return of no less than 8 per cent on each property it acquires, based on conservative assumptions.
Quintessential Equity executive chairman Shane Quinn said the company would look for more opportunities in a Geelong market that has served them well recently.
“With a growing population and economy, alongside a commitment to innovative projects, there’s no doubt that Geelong is fast becoming a dynamic and exciting city for people to work, live and play,” Mr Quinn said.
The Melbourne-based diversified commercial property group’s record in Geelong includes developing WorkSafe’s new headquarters at 1 Malop Street, a project that led the way for sustainability and occupant wellbeing globally.
“We’re also building a fit for-purpose, modern head office for GMHBA on its current site in Moorabool Street, which we believe will be Geelong’s next iconic building,” Mr Quin said.
Quintessential Equity raised $113 million in April 2018 in its inaugural Master Fund.