Armada Funds Management, Fund Arndale Central
Armada Arndale Central Trust

Fund Overview 

The Armada Arndale Central Trust was established in October 2014 by Armada Funds Management with the objective of providing reliable levels of high income with inflation linked capital appreciation. The trust owns a 37.5% interest in the Arndale Central shopping centre with the remaining 62.5% interest owned by 2 other Armada trusts comprising an institutional investor and a further domestic investor.

The equity raising was $31,000,000 targeted at sophisticated wholesale investors with a minimum investment of $100,000.

The Fund was launched with an initial forecast distribution yield of 8.5% and NAV of $1.00 against a $1.00 offer unit price. 

The Property 

Arndale Central Shopping Centre is a fully enclosed, single level sub-regional shopping centre providing a modern and dynamic retail offer with a quality mix of convenience, fashion and food tenants, a significant percentage of which are national brands.

The Shopping Centre has a total Gross Lettable Area (GLA) of approximately 37,478 square metres and is anchored by Woolworths and Coles supermarkets, a Big W Discount Department Store, Harris Scarfe Department Store and a Greater Union multi-cinema complex. In addition, there are 3 mini majors, being The Reject Shop, Best & Less and Dick Smith Electronics, 93 specialty tenancies, 12 kiosks, 8 ATMs, and 3 pad sites located in the car park.  The Shopping Centre has a strong representation of national brands which contribute a high proportion of the gross rental income for the centre.

Originally constructed in 1963, the Shopping Centre has had a number of extensions in 1970, 1984, 1999, 2004 and most recently a significant refurbishment completed in August 2013. The Shopping Centre has ample provision of on-site car parking (5.8 bays per 100 sqm of GLA).  The 2,172 car parks include on-grade, basement and rooftop spaces and are accessed via three access points on Hanson Road, two access points from First Avenue, five access points from Gray Street, and a single access point from Torrens Road. These access points include two public roads that lead directly into the Centre, being Blackburn Court off Hanson Road and Arndale Street off Gray Street.  The Property also includes ample site area to provide centre expansion potential.

Key Fund Information
Fund Type Wholesale direct property fund
Strategy: Provide reliable levels of high income with inflation linked capital growth.
Inception Date: October 2014
Term: 7-9 years
Status: Closed to new investors
Fund Size: $58 million
Minimum Investment: $100,000
Distributions: Quarterly
Liquidity: Armada will seek to sell the property in 7-9 years or list on the ASX.


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