FSCREC Property Fund Acquisition

ISPT’s non-discretionary retail based neighbourhood and sub-regional shopping centre fund ISPT Retail Australia Property Trust (IRAPT) has completed the transaction with E&P Investments Limited to invest in the Fort Street Real Estate Capital (FSREC) Property Fund.

The FSREC Property Fund owns 12 retail properties with a focus on convenience and non-discretionary retail such as supermarkets, fresh food, medical and essential services. The transaction also includes IRAPT’s acquisition of E&P Financial Group Limited’s 75% interest in the manager of the FSREC Property Fund.

Daryl Browning, CEO said

“This acquisition will immediately increase IRAPT’s exposure to a convenience‐based retail portfolio, in alignment with the IRAPT Strategy for 2021‐2025.  The centres will continue to be managed by Fort Street Real Estate Capital and we look forward to a long and prosperous relationship.”

IRAPT, launched in 2013, is open ended and valued at circa $1.8 billion as at 31 December 2021.