US property fund reaches almost $70 million

Dixon Advisory’s US residential property fund has closed with $69.5 million in the coffers, falling just short of the maximum sought of $80 million, but well in excess of the minimum $30 million offer size.

In the last 48 hours before closing, it attracted close to $10 million from investors.

Its US Masters Residential Property Fund is the first Australian-listed property trust with a primary strategy of investing directly in United States residential property.

At the end of May, Dixons had raised $43 million with Alex MacLachlan, its head of fund management, saying the strong Australia dollar was helping things along.

A spokesperson for the fund told Property Observer there has been a wide mix of investors, including self-managed super funds and private investors.