Metrics declares win in recent IPO

Metrics Credit Partners has officially closed its initial public offering (IPO) for its key commercial real estate fund after exceeding its equity raise target.

Metrics raised in excess of its $300 million target for stapled units of its Metrics Real Estate Multi-Strategy Fund (MRE) after its listing on the Australian Securities Exchange (ASX).

The IPO opened on 10 September 2024, with a subscription price of AU$2.00 per unit set.

Metrics Managing Partner Andrew Lockhart welcomed the “overwhelming response” to the IPO, highlighting, he said, “the strong investor demand for diversified commercial real estate investments and [reinforcing] the market’s confidence in our investment approach”.

“We are very fortunate to have received such strong investor support for this new fund and we will work towards delivering on the investment objectives for our investors.”

The stapled structure of the MRE consists of a 50% investment in Metrics Real Estate Multi-Strategy Passive Trust, with exposure to diversified CRE Debt Investments, and a 50% investment in the Real Estate Multi-Strategy Active Trust, with exposure to equity or hybrid equity in CRE development projects and investments.

The MRE is the third fund to be listed by Metrics, a Sydney-based alternative asset manager, on the ASX. The fund offers access to private commercial real estate (CRE) debt and equity investments in Australia and New Zealand, with a targeted return of 10% to 12% after fees.

The aim of the fund is to provide investors with broad exposure to a diversified portfolio of private markets CRE investments, spanning lower risk senior secured first registered mortgage debt to higher risk returning equity investments.

Launching its first wholesale fund in 2013, Metrics currently manages around AU$20 billion of private markets debt and equity investments, with offerings in alternatives, Australian fixed income, private credit, equity and capital markets.