APN Property Group has raised more than $70 million, the initial stages of a fund holding Puma Energy Service Stations, which could develop into a $350 million fund listed on the Australian Securities Exchange.
The group has won backing to buy a portfolio of 23 Puma Energy service stations in Queensland and NSW independently valued at $106.1 million, at a yield of about 7.3 per cent.
“APN is also in discussions regarding a number of additional properties which may be included in the fund in future and may take the total portfolio size to about $350 million,” APN said in a statement. “A potential future listing of the fund on ASX is also under consideration.”
According to the Australian Financial Review, the APN Property PLUS Portfolio is an unlisted direct real estate fund invested in a diverse portfolio of Woolworths petrol outlets, 7-Eleven petrol outlets and a Shell petrol outlet.