The Listed Fund Giving Investors Access to Sydney's Apartment Boom

Why It Matters

MRE provides retail investors with a rare, listed gateway to private‑credit stability and high‑growth residential development, aligning steady income with exposure to Australia’s urban expansion.

Key Takeaways

• Private credit now recognized as distinct asset class in Australia
• MRE fund splits 50% debt, 50% equity for balanced returns
• Debt side offers monthly income via interest and fees
• Focus on high‑density Sydney apartments and Queensland industrial land
• Transparent reporting and competitive fees aim to protect investor capital

Summary

The Metrics Real Estate Multist Strategy Fund (ticker MRE) is a listed vehicle that gives investors exposure to Australia’s booming high‑density residential market, particularly Sydney’s apartment surge, while also offering a diversified real‑estate equity component. Managed by Andrew Locker of Metx Credit Partners, the fund combines a 50/50 split between senior‑secured real‑estate debt and equity stakes in residential and industrial development projects, aiming to deliver regular income and capital growth.

Locker emphasizes that private credit has matured into a distinct asset class, with the fund’s debt side providing monthly cash flow from interest and fees on roughly 150 loan positions, and the equity side targeting profits from high‑rise apartment builds and industrial land subdivisions. The strategy hinges on rigorous underwriting, proactive risk monitoring, and transparent quarterly reporting that includes five‑year performance histories and competitive fee structures.

A concrete illustration is the recent Kumra industrial land joint‑venture on the Gold Coast Highway, where the fund secured a fixed‑price construction contract and locked in revenue from 68 subdivided lots, boosting the fund’s net asset value and promising a frank‑dividend payout. Locker notes that the fund’s NAV trades around $2 per unit against a $240 million underlying asset base, reflecting the anticipated future income streams.

For investors, the hybrid model offers a low‑volatility income stream from senior debt alongside upside potential from equity projects tied to Australia’s urban densification trends. The fund’s focus on Sydney’s high‑density apartments and Queensland’s industrial demand positions it to capture long‑term demographic and infrastructure‑driven growth, while its transparent governance and fee discipline aim to preserve capital in a volatile macro environment.

Original Description

Private credit has quickly moved from niche to mainstream, but how does it actually work in practice – and where are the opportunities right now?

In this episode of Livewire’s 2026 Listed Series, Anna Dadic sits down with Andrew Lockhart, Managing Partner at Metrics Credit Partners, to unpack how private credit fits into a portfolio, why risk management matters more than ever, and how the Metrics Real Estate Multi-Strategy Fund (MRE) blends debt and equity to deliver income and growth.

They also explore where demand is strongest across Australian real estate, how managers assess risk, and why listed investment trusts (LITs) can offer a unique way to access private markets.

This interview was filmed 13th March, 2026.

Read the interview summary here: https://bit.ly/3PErpds

Timecodes:

00:00 – Intro & what MRE does

00:24 – Private credit: rise, role & philosophy

02:31 – What good private credit looks like

06:44 – MRE explained: structure & returns

13:01 – Opportunities & risks in today’s market

20:16 – LIT structure & investor takeaways