Pallas Warehouse Trust No.3
Target Return
6.5% + BBSW
Minimum
$100,000
Term
Open-ended
Total Raise
$350M
Executive Summary
The Pallas Warehouse Trust No.3 (PWT3) is a wholesale commercial real-estate debt fund that invests in loans secured by registered first mortgages over real property in Australia, New Zealand and the United Kingdom. It targets an initial income distribution of 6.5% per annum as a fixed margin above BBSW, paid monthly in arrears, and is open-ended with no fixed end date.
Investment Highlights
- Initial income distribution of 6.5% per annum as a fixed margin above BBSW, paid monthly in arrears
- All investments secured by a registered first mortgage over real property in Australia, New Zealand or the United Kingdom
- Open-ended fund with no fixed end date. Units are redeemable on the last business day of any month once at least 12 months' written notice has been given; no redemption notice may be given within the first three months after Units are issued. The Manager advises that redemptions have historically been completed within 30 to 90 days of notice; this is not guaranteed — the full notice period may apply and the Trustee may suspend or refuse redemptions on liquidity grounds
- Issuer and trustee: Pallas Funds Pty Limited (AFSL 473475), a member of the Pallas Group
- Manager: Pallas Capital Pty. Limited (ACN 616 130 913), acting as Corporate Authorised Representative (AR No. 001257625) of the Trustee
- Approximately 18–20% of the Fund is currently lent to entities associated with Fortis Development Group, a member of the Pallas Group (as advised by the Manager, July 2026). The Manager advises these related-party loans are made on the same loan structure and documentation as third-party loans, with personal and corporate guarantees held
- Minimum subscription of $100,000
- Target Issue Size of $350 million (350,000,000 Units of $1.00 each; a $1.00 investment is one Unit). The Fund is open-ended with no fixed maximum: the Trustee may increase or decrease the Issue Size at any time
- Distributions generally paid within 10 Business Days after each calendar month end
- The Trustee may vary the distribution rate at its discretion on 20 Business Days' notice, given the fund's open-ended nature
Source: Pallas Warehouse Trust No. 3 Information Memorandum.
Leadership Team
Craig Bannister
Executive Director - Distribution
Patrick Keenan
Executive Chairman
Dan Gallen
Executive Director & CIO
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