Melbourne developer OpenCorp is looking to tap into self-managed super fund investors’ appetite for real estate with the launch of a new fund to provide capital for its residential projects.
OpenCorp director and co-founder Matthew Lewison expects to raise about $15 million for its new managed investment fund within the first two months, and as much as $40 million over the next one to two years “given pent-up demand” and returns as high as 20 per cent a year on offer.
The first project investors can participate in is an apartment development in Albion, 6 kilometres from central Brisbane, which has approval for 154 apartments over six levels with an end value of $90 million. OpenCorp paid $11 million for the site.
Read the whole article on page 31 of The Australian Financial Review 30/03/2016, or online here.