HABEN RETAIL NO. 1 TRUST (HR1T)
Fund concluded in September 2017. Investors received a net 19% IRR over 7 years.
HR1T was established in 2010. To establish the fund, Haben cornerstoned 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 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.