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Metrics launches Metrics Real Estate Multi-Strategy Fund IPO (ASX:MRE)

A new way to invest in commercial real estate

Today, Metrics Credit Partners (Metrics), a leading Australian asset manager with approximately $20 billion funds under management, launched an initial public offer (IPO) for stapled units in the Metrics Real Estate Multi-Strategy Fund (ASX:MRE). The Fund provides investors with an opportunity to invest via a stapled security structure consisting of the Metrics Real Estate Multi-Strategy Passive Trust (Passive Trust) and Metrics Real Estate Multi-Strategy Active Trust (Active Trust) (Fund).

Both Trusts are registered with ASIC and are proposed to be jointly quoted on the ASX as stapled securities on 16 October 2024.  An interest in the Fund consists of one unit in the Active Trust and one unit in the Passive Trust (Unit Set).

Zenith Investment Partners(1) and Lonsec Research(2) have both initiated research coverage and given the Fund a ‘Recommended’ rating.

The Fund provides investors with the opportunity to obtain broad exposure to commercial real estate (CRE) investments. It targets a total return of 10.00%-12.00% p.a. net of all costs through the economic cycle (Total Target Return)(3).

The Fund’s investment objective(4) is to provide investors with exposure to a diversified portfolio of private markets CRE investments covering the entire capital structure from lower risk senior secured first registered mortgage debt through to higher risk and potentially higher returning equity investments and seeks to preserve investor capital, manage investment risks and deliver on the Target Total Return.

The IPO issue price for subscriptions is A$2.00 per Unit Set to raise a target amount of A$300 million with the ability to accept oversubscriptions. The minimum investment is $2,000 and the offer closes at 5:00pm on 25 September 2024.

Metrics Managing Partner, Andrew Lockhart said, “Metrics is pleased to launch the Metrics Real Estate Multi-Strategy Fund. This will be our third listed fund open to investors on the ASX. The Fund offers the opportunity to obtain broad exposure to both private CRE debt and private CRE equity investments which are not typically available to investors. The Fund offers immediate deployment of the funds raised from the Offer in existing investments portfolios managed by Metrics.

“Metrics manages funds which invest across all real estate asset classes with investment assets directly originated, negotiated, structured and executed through the extensive proprietary relationships and expertise of the Metrics team. As one of the largest private credit investors in the Australian real estate sector, Metrics leverages its market position to originate high quality investment opportunities covering all parts of the capital structure (senior, mezzanine debt, preferred equity and equity).

Mr Lockhart added, “The Metrics Real Estate Multi-Strategy Fund offers investors the potential to earn income from CRE debt investments and potential income and equity upside from CRE co-investment assets, which are not typically available to them.”

Metrics has an experienced team of over 150 investment professionals with current CRE debt assets under management of approximately $11 billion.

Further details on the Fund can be found at www.metrics.com.au/mre.

10 September 2024

1 Zenith Investment Partners, Product Assessment Report dated 3 September 2024.

2 Lonsec Research, Product Assessment Report dated 9 September 2024.

3 This is a target only and may not be achieved. The actual return of the Fund may be lower than the Target Total Return. All investments, including an investment in the Fund, are subject to risk, including capital loss.

4 This is an objective only and may not be achieved. In particular, there is no guarantee that the Fund will be successful in delivering the Target Total Return. An investment in the Fund is subject to risk, including capital loss.

This communication is issued by The Trust Company (RE Services) Limited ABN 45 003 278 831 AFSL 235 150 (Perpetual) as responsible entity of the Metrics Real Estate Multi-Strategy Fund, a stapled structure consisting of the Metrics Real Estate Multi-Strategy Passive Trust ARSN 679 413 293 (Passive Trust) and the Metrics Real Estate Multi-Strategy Active Trust ARSN 679 413 695 (Active Trust) (Fund). Metrics Credit Partners Pty Ltd ABN 27 150 646 996 AFSL 416 146 (Metrics) is the investment manager. Perpetual is the issuer of units in each of the Passive Trust and Active Trust.

The information provided in this communication is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision in respect of the Fund, you should consider the current Product Disclosure Statement and Target Market Determination, available at www.metrics.com.au/mre, and assess whether the Fund is appropriate given your objectives, financial situation or needs. If you require advice that takes into account your personal circumstances, you should consult a licensed or authorised financial adviser.

Neither Perpetual nor Metrics guarantees repayment of capital or any particular rate of return from the Fund. Neither Perpetual nor Metrics gives any representation or warranty as to the currency, reliability, completeness or accuracy of the information contained in this communication. All opinions and estimates included in this communication constitute judgments of Metrics as at the date of creation and are subject to change without notice. Past performance is not a reliable indicator of future performance.

The Zenith Investment Partners (Zenith) Australian Financial Services License No. 226872 rating (assigned September 2024) referred to in this document is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at https://www.zenithpartners.com.au/our-solutions/investment-research/regulatory-guidelines/

The rating issued 09/2024 is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2024 Lonsec. All rights reserved.