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Armada Ingle Farm Shopping Centre Trust
The Armada Ingle Farm Shopping Centre Trust was established in August 2009 by Armada Funds Management with the objective of providing reliable levels of high income with inflation linked capital appreciation.
The equity raising was $48,300,000 targeted at sophisticated wholesale investors with a minimum investment of $100,000.
The Fund was launched with an initial forecast distribution yield of 9.0% and NAV of $0.95 against a $1.00 offer unit price.
Ingle Farm Shopping Centre is a prominent institutional grade sub-regional shopping centre located 13 kilometers north of the Adelaide CBD which was acquired by Armada in August 2009.
The asset is one of six sub-regional shopping centres servicing the metropolitan area directly north of Adelaide and occupies a significant 9.2 hectare site and receives excellent exposure, being positioned on the south-east corner of Montague Road and Walkleys Road.
The centre itself was significantly re-developed in 1998/99 and comprises a Kmart discount department store, 2 Coles supermarkets, 2 discount variety stores (Best & Less and Go-Lo), a large Pharmacy (Chemistworks), a ten pin bowling facility, a food court, 84 specialty shops and 7 kiosks. It has a Gross Lettable Area of 27,442 square metres and provides a strong convenience and food based offer, adequately servicing the shopping needs of the large and growing catchment.
Key Fund Information
Wholesale direct property fund
Provide reliable levels of high income with inflation linked capital growth.
Closed to new investors
Armada will seek to sell the property in 7-9 years or list on the ASX.
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