360 Capital Group
As at 30 June 2016, the Group had total co-investments in its managed funds of $224.4 million, up 15.6% on 30 June 2015.
In the yar to 30 June 2016, the co-investment segment delivered total distribution income of $17.5 million, a 45.8% increase on FY15.
The significant growth was generated from the Group’s 29.9% increase in the value of its co-investments in its ASX-listed funds to $146.8 million, with distribution income from its listed investments up 39.6% on pcp to $11.1 million.
The Group's co-investments in ASX listed entities comprise:
- $90.8 million or a 15.6% investment in TIX
- $47.4 million or a 28.8% investment in TOF
- $8.6 million or a 24.3% investment in TOT
As at 30 June 2016, the Group also has co-investments of $77.6 million in unlisted funds, a reduction of 4.3% on FY15 as a result of the continued sell down of the 360 Capital Retail Fund No.1 and rationalisation of the Group's non-core unlisted trusts.
During FY16, unlisted co-investments provided distribution income of $6.4 million, up 57.1% on $4.1 million pcp.
Reflecting the outlook for the unlisted property market, some of these unlisted co-investments are considered non-core investments, providing recyclable capital for the Group as follows:
- $31.1 million invested in the recently formed 360 Capital Retail Fund No.1 on a short term basis through an underwriting agreement. The Group expects to sell down most, if not all, of this raising over the next year. A new PDS will be issued in September.
- $9.6 million in the 360 Capital Subiaco Square Shopping Centre Property Trust which will be wound up after the Centre is sold (terms have been agreed).