Here’s a quick update about events happening in the Passive Income (USA Commercial Property) Fund (“US Fund”).
DISTRIBUTION
On 30 June 2023 a 25 cent per unit distribution was declared that will be paid on or before the 21st of July.
I had hoped that the Strategic Opportunities (Growth & Income) Fund (“SOGIF”) would have been launched before then, but as I recently announced here, SOGIF has been placed on hold for now. Accordingly, all US Fund investors will receive their June distribution via an electronic funds transfer of cash into their nominated bank account.
I highly recommend quickly checking that your bank account details are correct (do so via the investor portal). If you need to change them then complete a Change of Details Form and mail it to us as soon as possible (PCL, PO Box 532, Canterbury VIC. 3126). We cannot accept scanned copies. We need the original wet ink form to initiate the change.
As we continue to return income and capital to investors, we anticipate declaring larger distributions in September and December 2023, and smaller ‘mop-up’ distributions in March (and possibly June) 2024. Naturally, I’m email more details as they come to light.
PROPERTY SALES
The wind up of the Fund is progressing as planned. Of the properties we have left, three are under conditional sale contract, one is about to go under contract, and one property (an office-flex building in Atlanta) remains listed for sale (on which we have only received low-ball offers).
There remains a real prospect that all the properties will be sold and settled this calendar year, although to do so may mean accepting a less than ideal price on the last property. We are waiting for an updated appraisal to gain an assessment of current market value before deciding whether to hold on for a better offer, or to ‘cut and run’ for the sake of winding up.
SOGIF
It appears that some US Fund investors may have missed receiving email updates concerning my new Fund, so if you’re keen to keep up to date with SOGIF then please register your interest here: https://moneymagnet.au/invest/. If you are in any doubt about whether you have already registered then please register again as double registration won’t cause any harm.
Thanks for reading and I’ll be in touch again soon.
– Steve
