MAB Funds Management nudges quarter billion funds under management with new trust
MAB Funds Management (MAB FM) has boosted its funds under management to $243 million, representing a 40% increase from December 2006.
The increase follows the commencement of the MAB International Retail Trust (MIRT) and is in line with the group’s expansion strategy, which will include new MIRT property acquisitions later in 2007 through another public offer.
MIRT is MAB FM’s latest investment vehicle and comprises a portfolio of grocery anchored shopping centres located in US growth areas. Central to the structure is an 8.45%* forecast average distribution yield and 90% tax advantaged income.
In latest developments, MAB FM has further strengthened MIRT’s local market expertise with an addition to its US-based management team, MAB Rosenthal. Recently appointed Senior Vice President of Investments, Cary Uretz, will lead MAB Rosenthal’s acquisitions and asset management initiatives. Mr Uretz brings over 25 years of property experience to MAB Rosenthal and has sourced, structured and closed in excess of US$1 billion of commercial investment properties throughout the US.
Robert Wallace, Investment Manager of MAB FM said: “The US retail property market has proven a consistent performer with a larger pool of investment grade assets and lower borrowing costs than Australia. This supports the trend towards portfolio diversification through offshore investments.
“With robust properties, attractive returns and the strength of MAB Rosenthal’s management expertise, we believe MIRT is an outstanding investment opportunity. All MAB FM investment products have met performance targets and we are confident that MIRT will be a solid performer.”
Nick Gray, General Manager of MAB FM said: “Along with plans to broaden MIRT, we are looking at a range of options to support existing products, including property securities, wholesale property and property development funds.”