Adelaide businessman Ross Makris has launched a new private property fund, Interstellar Capital, in an attempt to capitalise on the sell off of major shopping centres.
Interstellar Capital is backed by local and overseas investors, and hopes to target regional and sub-regional shopping centres across Australia being sold by large retail property trusts.
The company board is being led by Adelaide lawyer Christopher Townsend and will explore opportunities in prestige retail, luxury hotels and development projects.
“It’s a new company, it’s something I’ve been meaning to do for several years,” Makris said about his decision to launch Interstellar Capital.
“A lot of the institutions are shying away from the larger shopping centres, due to the lack of discretionary spending, and a number of institutions have had a run on their funds by retail investors. The LPTs (listed property trusts) which dominate this industry need liquidity, so we see a lot of opportunity for at least the next two to three years.”
Source: The Advertiser.
