Centro has exceeded the $350 million mark of inflows for its two managed direct property funds.
Centro Properties Group (Centro) has surpassed the $350 million mark of inflows for its two managed direct property funds.
The Centro Direct Property Fund (DPF) and Centro Direct Property Fund International (DPFI) raised $286 million and $73 million respectively during the twelve months to 30 June 2007.
The inflows now push Centro's total fund inflows for the 2007 financial year to $359 million. This figure exceeds the group's forecast of $325 million set in May by 10.5 per cent.
"The increasing appetite of Australian investors for quality retail property investments for their growing superannuation savings has driven the significant 10.5 per cent outperformance of forecasts," Centro chief executive Andrew Scott said.
"Above-average inflows during May and June helped the DPF and DPFI exceed expectations and achieve a combined equity inflow of $359 million, 21.7 per cent higher than the $295 million raised for the 2006 financial year."
The DPF and DPFI invest in quality, diversified portfolios of retail properties in Australia and the US respectively with assets in the DPF now $2.3 billion and DPFI $1.9 billion.
Both funds performed well for the year ended 30 June 2007, each outperforming their benchmark returns with the DPF delivering investors a 12 month total return of 16.6 per cent and the DPFI delivering investors a total return of 110 per cent.
Earlier this year, research house Managed Investment Assessments gave Centro's DPF and DPFI funds a superior rating.
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