Oceana Property Partners is pleased to announce the successful sale and settlement of 6-8 Geonic St, Woodridge, QLD.
Acquired in November 2021, 6-8 Geonic St was the first asset acquired by Oceana Property Partners.
With the sale now finalised, OPP is happy to confirm the sale price of $7.0m, substantially ahead of our forecast underwrite of $6.5m at the end of year 2.
Acquisition Price: $5.5m
Sale Price: $7.0m
Sale Date: 14 August 2023
Hold Period: 21 months
The total net IRR to investors post all fees is 12.3%, representing a 1.22x equity multiple.
“The sale of Oceana Property Partner’s inaugural asset marks a milestone achievement for the business. Delivering an IRR of 12.3% quantifies the strength our team have in identifying opportunities that delivery quality results to our investors” says Gary Segal, COO of Oceana Funds.
We congratulate our investors on the successful completion of their investment and look forward to presenting more opportunities in the coming months.