HABEN RETAIL NO. 1 TRUST (HR1T)
HR1T was established in 2010. To establish the fund, Haben corner stoned HR1T with almost 40% of the equity and invited existing contacts to secure the additional 60% to purchase Illawong Village Shopping Centre.
Illawong Village Shopping Centre was acquired on a 9.1% passing yield. Since acquiring the asset, Haben has achieved the following:
- Outperformed targeted returns
- Identified and materialised additional revenue sources
- Leased out vacancies and improved tenancy mix
- Identified future development opportunities
- Improved the overall amenity of the centre through prudent cap ex