Net return since inception9
Metrics Real Estate Income Fund
An alternative way to invest in real estate.
NAV as at COB:
23/1/2026
$1.0036
Overview
The Metrics Real Estate Income Fund (the Fund) offers investors a pathway into Australia’s diverse commercial real estate (CRE) loan market.
The investment objective of the Fund, through its exposure to the MCP Real Estate Debt Fund (Master Trust) via its investment in the Metrics CRE Multi-Strategy (Debt) Trust (Sub-Trust)–both wholesale vehicles managed by Metrics - is to actively invest in and manage a diversified portfolio of Australian CRE debt assets providing investors with the aim of providing investors with attractive risk-adjusted returns.1
The Funds investment strategy is to create exposure to a portfolio of Australian CRE loans diversified by projects, borrowers, sectors, geography, stage of development and position in the capital structure.
Target Return
8.10% p.a.
The Fund’s target return is the RBA cash rate plus 4.00% p.a. net of fees (currently 8.10% p.a.)2 through the economic cycle.
1 The Fund may not be successful in reaching its investment objective.
2 The target return is a target only and may not be achieved. The actual return of the Fund may be lower than the target return.
Documents
Fund Features
Metrics Real Estate Income Fund may be suitable for investors looking for an investment that seeks to provide:
Monthly cash income3
Diversified portfolio of more than 150 CRE loans4
Proven track record of the Master Trust5
A large investment management team with extensive expertise
3 Income payments depend on the success of underlying investments and are at the Responsible Entity’s discretion.
4 As at 31 January 2026 the Master Trust held in excess of 150 loans. The number of loans the Master Trust holds may vary over time.
5 Past performance is not a reliable indicator of future performance.
This information is general information only and has been prepared without taking into account your objectives, financial situation or needs. If you require advice that takes into account your personal circumstances, you should consult a licensed or authorised financial adviser.
4 As at 31 January 2026 the Master Trust held in excess of 150 loans. The number of loans the Master Trust holds may vary over time.
5 Past performance is not a reliable indicator of future performance.
This information is general information only and has been prepared without taking into account your objectives, financial situation or needs. If you require advice that takes into account your personal circumstances, you should consult a licensed or authorised financial adviser.
Investment Risks
All investments are subject to risk, which means the value of your investment may rise or fall. Before making an investment decision, it is important to understand the risks that can affect the value of your investment. A summary of some of the main risks are outlined below. Please refer to section 10 of the PDS for a more comprehensive list of potential risks before making an investment decision.
Credit and Default Risk
- Credit risk is the risk that one or more of the debt assets to which the Fund is exposed may decline in price or fail to pay interest or principal when due because the credit counterparty or borrower experiences a decline in its financial status.
- Default risk is the risk that a borrower defaults on their obligations, for instance by failing to make a payment due or to return the principal. The taking of Security or the provision of third-party guarantees may not fully mitigate the risk of credit loss. These credit and default risks may result in losses for an investor in the Fund.
Inflation Risk
- Inflation can have the effect of reducing, in real terms, the returns from any investment. In particular, the cost of doing business can increase by virtue of inflation. CRE developments may become more costly in an inflationary environment.
Investment Strategy Risk
- The Fund will invest in the Sub-Trust and the Sub-Trust will invest substantially all of its assets in the Master Trust. As such, the Fund may be exposed to risks that are specific to the Sub-Trust and the Master Trust. This may include operational risks, distribution risks, valuation risks, liquidity risks and tax risks that are specific to the Sub-Trust and the Master Trust.
Liquidity Risk
- The investments of the Master Trust and accordingly the Fund and the Sub-Trust are generally less liquid investments than other investments (such as exchange traded investments) as the investments that the Trust is exposed to through the Sub-Trust and the Master Trust are medium to long dated (up to 10-year terms).
- The ability of the Fund, Sub-Trust and Master Trust to dispose of an investment may depend on market liquidity, the terms agreed with the relevant borrower and the maturity date of the loans. The liquidity of the investments to which the Fund (via the Sub-Trust and the Master Trust) is exposed will also be dependent on a borrower’s ability to repay a loan.
Portfolio Construction
- Metrics as manager of the Sub-Trust and the Master Trust may cause the funds to invest in a variety of assets in differing proportions so as to best implement the investment objective applicable to those funds. Metrics as manager of the Sub-Trust may allocate capital to the Master Trust and direct assets in proportions as it may determine having regard to a number of factors. These may include (but are not limited to) availability of capital, origination of opportunities specific to the Master Trust and prevailing market conditions.
Investment Concentration Risk
- The Fund, through the Sub-Trust and the Master Trust is invested entirely in the CRE asset class with substantially all of its exposure to CRE Debt (other than to the extent it is exposed to CRE Equity by virtue of investing in the Listed Fund). This means that the Fund may not offer the same degree of diversification as investment products which are diversified in other asset classes.
Property Market Risk
- The value of real estate investments to which the Fund is exposed is based on market forces and may fluctuate.
Why Invest in the Fund?
The CRE loan market is an attractive market that has been difficult for retail investors to access. It has the potential to offer superior risk-adjusted returns, an alternative to traditional direct property investment and the opportunity to diversify an investors’ portfolio.6
As a leading non-bank commercial real estate lender,7 Metrics believes it is well placed to identify attractive opportunities and implement investment strategies across the CRE lending landscape, seeking to maximise returns from this asset class.
6 Diversification does not ensure profit or guarantee against loss. You should read the product disclosure statement (PDS) and seek independent financial advice before making investment decisions.
7A$18 billion in CRE AUM as at 31 December 2025.
7A$18 billion in CRE AUM as at 31 December 2025.
Performance
9.11%
150
Individual loans
Net Return (%)
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8 Returns greater than 1 year are annualised.
9 Inception date 24 March 2025.
Past performance is not a reliable indicator of future performance. Fund returns are in AUD, net of fees and costs. No allowance has been made for entry fees or taxation. Income payments depend on the success of the underlying investments and are at the responsible entity’s discretion.
Historical Reports
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How to Invest
The minimum initial investment for an investor is $1,000.To apply for units in the Fund, you can either:
1
Apply online.
2
Contact your financial advisor to invest on your behalf.
3
Make an investment via platform (Advisor only)
Applications can be submitted daily and Units will be issued monthly on each Issue Date.
Before making an application for units in the Fund, please read and consider the current Product Disclosure Statement (PDS), Target Market Determination (TMD) and RG 45 Disclosure Report carefully and in their entirety to assess whether the Fund is appropriate given your objectives, financial situation or needs.
Your capital is at risk. You may lose some or all of your investment.
Equity Trustees Limited ABN 46 004 031 298 AFSL 240975, is the Responsible Entity for the Metrics Real Estate Income Fund ARSN 671 699 228 (Fund). Metrics Credit Partners Pty Ltd (Metrics) AFSL 416 146 is the manager of the Fund. Before making an investment decision in respect of the Fund, you should read the PDS, TMD and full disclaimer at the base of this page.
Platform Availability
HUB24^
Netwealth^
^IDPS Only
Research
The Fund has been independently rated by Bond Adviser, Lonsec and Zenith Investment Partners.
Ratings are subject to Terms and Conditions which can be found here: Ts and Cs
Ratings are only one factor to be taken into account when making an investment decision.
Fund Terms
Fund
Metrics Real Estate Income Fund
Manager
Metrics Credit Partners Pty Ltd ABN 27 150 646 996 AFSL 416 146 (Metrics)
Target Return
RBA Cash Rate plus 4.00% p.a. (net of fees)10
Distributions
The Fund intends to pay distributions monthly
Redemptions
Monthly (subject to 10 business days notice).11
View redemption request cut-off dates.
Management Costs
0.58% p.a.12 of the Fund’s Net Asset Value
Performance Fees
15% above Hurdle of the RBA Cash Rate + 4.00%p.a.
Inception Date
24 March 2025
Responsible Entity
Equity Trustees Limited (ACN 004 031 298, AFSL 240975)
Unit Registry
Automic Pty Ltd trading as Automic Group
APIR Code
ETL6345AU
Minimum Application Amount
$1,000
10 The target return is a target only and may not be achieved. The actual return of the Fund may be lower than the target return.
11 Subject to the Fund being liquid. Total redemptions will be limited to 5% of the Fund’s net asset value each month. If redemptions requests exceed 5% for any month, they will be reduced and processed on a pro rata basis and the remaining portion not processed will be cancelled.
12 Excluding impact of performance fees..
