Australian fund that invests in US housing trading at listing price

Dixon Advisory’s US Masters Residential Property Fund is trading just above its June 29 listing price on the National Stock Exchange.

As of noon on June 30, 2011, the stock was trading at $1.61 a share, pushing the value of the stock to $69.86 million.

On its first day of trading 42,200 shares were bought by brokerage RBS Morgans at a price of $1.61.

The stock listed at $1.60.

The fund, the only one in Australian to offer direct investment in the US residential property market, attracted $69.5 million from investors in the build-up to listing on June 29.

Investors in the fund include self-managed super funds and private investors.

The fund will look to buy properties in the New York metropolitan area, often referred to as the Tri-State Area. This is made up of the populated areas of New Jersey, New York and Connecticut, all within “typical commuting distance of Manhattan”.

The NSX is a specialist stock exchange for the listing of company, property and debt securities.