Apex selected by Assembly Funds Management and AMAL Trustees as Fund Administrator for new Australian Real Estate Fund
Apex Group Ltd. (“Apex) is pleased to announce that it has been selected by Assembly Funds Management (“Assembly”) and AMAL Trustees (“AMAL”) to provide fund administration services for the Australian Diversified Property Fund 1 (“fund”). Apex was selected for its flexible approach and local expertise as well as a demonstrated track record of delivering timely, accurate and independent portfolio administration.
Michael Gutman, Assembly’s founder and CEO is the former Corporation President and Global Chief Operating Officer for Westfield.
The fund successfully launched, with its cornerstone investor – The Lowy Family Group – injecting $75m along with $10m invested by Michael Gutman and a further $65 million by private equity firm Alceon. Assembly plans to raise an additional $150 million from high net worth family offices and institutional investors to bring total FUM to $300 million.
Assembly will pursue real estate investment opportunities across Australia and New Zealand, targeting a range of property assets including office, logistics, residential and retail.
David Potter, Head of Business Development for Apex Australia, stated: “We are delighted to have been selected by AFM and AMAL to provide fund administration services for ADPF1. Apex’s offering is built around its ability to serve as a natural extension of our client’s team and we look forward to supporting AMAL and Assembly as the fund grows
Phil Joseph, Executive Director at AMAL, stated: “AMAL Trustees is delighted to be working with Apex as the fund administrator for Assembly Funds Management. Apex is an obvious choice given their excellent standing in the market. We look forward to working with Apex and Assembly on this exciting venture.”
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