Castlerock attains ‘Recommended’ rating from Core Property Research


Castlerock, a leading property fund manager has been awarded with a ‘Recommended’ rating from Core Property Research, a market provider of insightful research within the property funds sector.

The Castlerock Government Property Fund offers investors a high-quality diverse portfolio comprising 13 State and Commonwealth Government-leased assets spread across five states in Australia, the Fund boasts a weighted average lease expiry (WALE) of 5.9 years.

Since establishment in 2014, the Fund has consistently demonstrated financial strength with assets under management of $502 million and delivering a total return of 10.3 per cent since inception.

At the core of the Funds investment strategy is the steadfast focus on providing reliable income streams. This is underpinned by the 99 per cent occupancy rate, with key tenant income deriving from: Queensland Government (59,5 per cent), Commonwealth Government (9.0 per cent), Western Australian Government (13.5 per cent), Victorian Government (8.1 per cent) and Tasmanian Government (6.6 per cent)

Castlerock Director, Business Development, Adam Bronts said, “The Recommended rating comes at an opportune time for Castlerock as the Fund is currently open to new and existing investors through a $30 million capital raise.

As the Core Property report stated, our portfolio strategy “would appeal to investors who are seeking a highly secure income distribution with rental income, supported by a portfolio of long-term government tenancies.”

This capital raise will enable us to pursue future opportunities for acquisitions or developments of premium quality our investors have come to know and trust.

The Recommended rating and thorough framework and research methodology by Core Property reflects Castlerock’s strong parameters surrounding key factors of: product and underlying portfolio construction, strength and depth of management team, product structure, risk management and financial analysis.

Bronts concluded, “The Government Property Fund is currently completing a $60 million, five-level office building in the southern Melbourne suburb of Frankston, Victoria and leased to the Victorian State Government.

“The development is due for completion in March 2025.”

You must be logged in to post or view comments.