22 July 2020

KM Property Funds, the Responsible Entity of Thynne Street Property Fund (Fund) is pleased to announce today that the Fund recently closed, fully subscribed.

Launched in April, the Fund received strong support from investors and financial advisers and had successfully allocated the full amount of $24.3 million in investor capital by the end of May, well ahead of the target close date.

Managing Director, Mario Papaleo, said: “We are delighted with this significant result, especially during a time of great uncertainty because of the COVID-19 pandemic. The strong support is evidence that investors and advisers shared our confidence in the Fund. They recognised the quality of the property and the long-term security of the lease to the Australian Institute of Health and Welfare, a statutory agency of the Commonwealth Government of Australia.”

Income distributions

The Fund will pay its first distribution to investors on 7 August 2020, at the rate of 7.0% pa pro-rata; the payment will be for the quarter ended 30 June 2020. The Fund is forecast to pay distributions quarterly at the rate of 7.1% p.a. for the financial year 2021.

Other insights
Announcement of new Chief Financial Officer The Board of Directors of KM Property Funds announced today that Jennifer Bolger has assumed the role of Chief Financial Officer with immediate effect.
Thynne Street Achieved Minimum Subscription Amount Thynne Street Property Fund has achieved its Minimum Subscription Amount (‘MSA’) of $7.384 million, well before the minimum subscription date of 31 October 2020.