Castlerock initiates expansion of Government Property Fund with $30+ million capital raise

26 March 2024
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Castlerock is pleased to announce the initiation of our first capital raise for 2024, with the objective of securing a minimum of $30 million to facilitate the expansion plans for our esteemed Castlerock Government Property Fund.

The Castlerock Government Property Fund, formerly recognised as Auslink Property Trust No.2, boasts a total asset value of $526 million, comprising 13 high-quality State and Commonwealth Government-leased assets situated across five states in Australia.

The launch of this capital raise coincides with Castlerock’s strategic preparations for a new acquisition or property development, building upon the continued success of our endeavors. Noteworthy among these developments is the impending completion of a $60 million, five-level office building in Frankston, Victoria. Leased by the Victorian State Government, with anticipated completion by early-2025.

This underscores the unwavering commitment to securing premium government-leased properties on a nationwide scale, with a focus on delivering robust distributions and fostering growth potential for our valued investors.

Castlerock has a history of oversubscribed capital raises for previous acquisitions and developments, indicative of investor confidence in our capacity to deliver superior returns.

The Castlerock Government Property Fund boasts rock solid performance metrics, including an average Weighted Average Lease Expiry (WALE) of 5.9 years, 99 per cent occupancy and a prudent loan-to-value ratio of 43 per cent.

It anticipates a distribution of 7.78 per cent for the financial year ending 30 June 2024.

In addition to the capital raise, we have undertaken a rebranding initiative for both our Government Property Fund and Castlerock Services Australia Fund, aligning with our extensive expertise in the niche government sector.

This strategic decision aims to leverage the robust brand equity established over two decades, providing clarity and accurately reflecting Castlerock’s core business objectives.

The capital raise is currently underway and interested investors are encouraged to express their interest promptly.

For further insights into the Castlerock Government Property Fund, including access to the Product Disclosure Statement (PDS) and relevant information please click here.

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