Net Return since Incep8
MRE
Metrics Real Estate Multi–Strategy Fund
Overview
The Metrics Real Estate Multi-Strategy Fund (Fund) is a stapled structure consisting of the Metrics Real Estate Multi-Strategy Passive Trust ARSN 679 413 293 (Passive Trust) and the Metrics Real Estate Multi-Strategy Active Trust ARSN 679 413 695 (Active Trust) jointly quoted on the ASX as stapled securities. An interest in the Fund consists of one Unit in the Active Trust and one Unit in the Passive Trust (each, a Trust) which are stapled (Unit Set).
The Trust Company (RE Services) Limited is the responsible entity and Metrics Credit Partners Pty Ltd (Metrics) has been appointed as the manager of each Trust.
The Fund provides investors the opportunity to obtain broad exposure to commercial real estate (CRE) investments in Australia and New Zealand. The Fund may also gain exposure to CRE investments in Developed Asia.
Target Return
10%
-
12%
p.a.
The Fund targets a total return of 10.00 -12.00 % p.a. (net of management fees and upfront and ongoing expenses of the Fund) through the economic cycle (Target Total Return).1 The Target Total Return of the Fund includes movements in net asset value, cash returns paid to investors via distribution and dividend payments, franking credits and any additional returns. Unitholders will receive either pre-tax distributions from the Passive Trust or post-tax dividends from the Active Trust, with attached franking credits.1
1 This is a target only and may not be achieved. The actual return of the Fund may be lower than the Target Total Return. All investments, including an investment in the Fund, are subject to risk, including capital loss. In calculating the Target Total Return, Metrics has relied on a number of assumptions which may not always be correct, including (without limitation) that the Fund and its investments will operate in markets that are generally absent of market or economic shocks that could have a material impact on Australian or international financial markets.
Investment Objective2
The Fund seeks to provide investors with exposure to a diversified portfolio of private markets CRE Investments covering the entire capital structure from senior secured first registered mortgage debt investments through to equity with a view to deliver to investors the Target Total Return. The Fund seeks to provide monthly cash income, seeks to preserve investor capital and manage investment risks, whilst providing potential equity upside.
2 This is an objective only and may not be achieved. In particular, there is no guarantee that the Fund will be successful in delivering the Target Total Return. An investment in the Fund is subject to risk, including capital loss.
Investment Strategy
The Fund’s Investment Strategy is to gain exposure to a portfolio of mostly private markets investments covering the entire capital structure from lower risk Senior Secured first registered mortgage loans to higher risk and potentially higher returning investments held with Equity investment in CRE development projects. Through active origination, portfolio construction and risk management the Manager will seek to lower investment risk via diversification of investment portfolios. This will be accomplished by investing in the Metrics CRE Multi-Strategy (Debt) Trust and the Metrics CRE Multi- Strategy (Equity) Trust, each of which, in turn, will invest in and alongside the Wholesale Funds.
It is expected that the Fund’s capital will be invested as follows:
- 50% to the Passive Trust and through it, exposure to diversified CRE Debt Investments broadly reflecting the types of lending activity in Australia’s CRE Debt market, diversified by borrower, project, sector, geography, stage of development and position in the capital structure; and
- 50% to the Active Trust and through it, exposure to Equity or hybrid Equity such as Preferred Equity or CRE Debt Investments in CRE development projects and investments. These proportions may change from time to time as determined by the Manager according to how it believes the investment objective of the Fund can be best achieved.
Fund Features
Portfolio Diversification
Immediate access to an existing diversified portfolio of private market CRE debt and equity investments via the Fund’s indirect exposure to the MCP Real Estate Debt Fund (REDF) and the Metrics Real Estate Equity Opportunities Fund (MREPIIM) (together the Wholesale Funds)
Monthly Cash Income3
Income is generated from exposure to CRE debt instruments – predominantly loans to borrowers who need capital for CRE activities
Equity Upside Potential
The Fund may generate equity upside from its exposure to a portfolio of CRE investments obtained via its exposure to the Wholesale Funds.
ASX Market Liquidity
Unit Sets are jointly quoted on the ASX to provide liquidity via secondary market trading4
3 The payment of distributions to Unitholders is dependent on the Trusts receiving distributions from their investments, and these are not guaranteed.
4 Unit Sets will be subject to trading liquidity on the ASX. There is no guarantee that Unit Sets will be able to be held at a price equal or higher to that at which they were acquired.
4 Unit Sets will be subject to trading liquidity on the ASX. There is no guarantee that Unit Sets will be able to be held at a price equal or higher to that at which they were acquired.
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 financial performance of the Fund. There is no guarantee that the interests in the Fund offered under the PDS will provide a return on capital or repayment of capital, lead to payment of distributions or that there will be any increase in the value of the Unit Sets. Please refer to Section 7 of the PDS for a more comprehensive summary of potential risks before making an investment decision.
Investment and Market Risk
- An investment in the Fund is subject to investment and market risk, including the possible loss of the entire amount invested.
Investment Strategy Risk
- There is no guarantee that the Investment Strategy of the Fund will be managed successfully or will meet its objectives. Failure to do so could negatively impact the performance of the Fund.
Credit and Default Risk:
- One or more of the debt assets to which the Fund is exposed may decline in price or that a borrower fails to pay interest or principal when due because the borrower experiences a decline in its financial status. Losses may occur because the value of the asset is affected by the creditworthiness of the borrower or by general economic and specific industry conditions.
Interest Rate Risk:
- As the investments of the Fund may include instruments with floating interest rates, income from these investments can rise or fall and accordingly, the return on that investment relative to other investments may change.
Property Market Risk
- The value of real estate investments to which the Fund is exposed is based on market forces and may fluctuate.
Development Risk
- Certain assets to which the Fund is exposed may be development projects which are subject to specific development risks such as obtaining planning approval, risks pertaining to construction and engineering.
Financing Risk
- The Fund may be exposed to developments that have incurred debt. Any failure by those persons to repay or honour the terms of such debt may entitle the financier to take action which will be adverse to the Fund’s interests.
Portfolio Construction Risk
- The portfolio construction of the Fund is subject to change and may not reflect investors’ desired exposure.
Valuation Risk
- The Fund will gain exposure to illiquid assets which will require independent valuation. Independent valuations are inherently subjective and in determining value, a valuer will be required to make certain assumptions and such assumptions may prove to be inaccurate. This means that valuations may not be reflective of the price that is obtained on the sale of such an asset and in those cases the value an asset is sold for may be less than the price at which it has been valued. When this occurs, the net asset value of the Fund will be negatively impacted
Investor Information
Listed
16 October 2024
ASX Code
MRE
Market Cap^5
$298.29
Net Asset^6
$367,468,046
Unit Price^5
$1.970
NAV Per Unit Set^6
$2.4182
28 February 2026
Distrubtion Per Unit (Cents)^7
0.75
Distribution Per Unit (%)^7
0.31%
5 20 min delayed ASX traded price
6 The Net Asset Value (NAV) and NAV per unit figures are reported on a post-tax basis, after deduction of applicable fees, expenses and tax provisions. As at 31 January 2026.
7 As at 28 Febraury 2026.
Performance
Fund Performance as at 28 February 2026
Investment Updates
The Metrics Real Estate Multi-Strategy Fund monthly report will be released around the 10th of each month.
The February 2026 Monthly Report is now available.
21.81%
5.20%
Income Distribution since Inception
153
Individual Investments - Passive Trust9
16
Individual Investments - Active Trust9
Net Return (%)^7
Distribution (%)^7
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Past performance is not a reliable indicator of future performance.
7 Returns are based on NAV unit price, after taking into account all fees and costs. Returns are annualised if over one year. No allowance has been made for entry fees or taxation. Returns greater than 1 month are compound on a monthly basis.
8 IPO 16 October 2024.
9 MRE is exposed to the Metrics managed Wholesale Funds (as defined in the PDS). The Wholesale Funds together provide exposure to the CRE Debt Investments and CRE Co-Investment Assets.
Historical Reports
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Key Announcements
Stay up to date with ASX announcements including latest earnings, annual reports, important performance updates and other information.
Research
The Fund has been independently rated by Zenith Investment Partners and Lonsec Research.
Note: You must be a financial advisor or wholesale investor to obtain the Zenith Investment Partners and Lonsec Research Reports.
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.
Key Terms
Fund
Metrics Real Estate Multi-Strategy Fund comprised of the Metrics Real Estate Multi-Strategy Passive Trust ARSN 679 413 293 (Passive Trust) and the Metrics Real Estate Multi-Strategy Active Trust ARSN 679 413 695 (Active Trust)
Manager
Metrics Credit Partners Pty Ltd ABN 27 150 646 996 AFSL 416 146 (Metrics)
Distributions
Monthly distributions from the Passive Trust.11 Distributions from the Active Trust will be less frequent, as distributions follow the receipt of proceeds from the realisation of CRE Co-Investment Assets. The target first distribution date10 for the Fund is 8 November 2024.
Redemptions
Daily via ASX
Management Costs
1.29% p.a. of NAV until the 1st anniversary of trading on the ASX, and thereafter 1.54% p.a. of NAV12
Performance Fees
15.38% p.a. of the Unit Set Return in excess of the Fund Hurdle (inclusive of GST net of RITCs)13
Responsible Entity
The Trust Company (RE Services) Limited ACN 003 278 831 AFSL 235 150
Pricing
Monthly (NAV per unit set calculated at end of each calendar month).
Unit Registry
Automic Pty Ltd trading as Automic Group
10 This is a target only and may not be achieved. Neither Metrics nor the Responsible Entity guarantees or warrants the future performance of the Fund, the return on an investment made under this PDS, the repayment of capital or the payment of distributions on the Unit Sets.
11 The payment of distributions to Unitholders is dependent on the Trusts receiving distributions from their investments, and these are not guaranteed and are paid at the Responsible Entity’s discretion.
12 These figures assume a target subscription of A$300 million.
13 No performance fee is expected to be paid during the first 12 months of the Fund’s operation.
