The Carpe Diem prime Living Fund is our seventh Fund and provides our first capital city exposure to the “living” sector.  The first asset in the Fund is the 6 level 42 room co-living property in the prime Sydney harbourside suburb or Elizabeth Bay called Montpelier House.  The property was acquired at an attractive rate per square metre ($8,500/sqm) and attractive yield.  It was acquired 15% below most recent valuation.  The property has prior approval for an additional two levels and conversion to a boutique hotel.  We see strong medium term opportunity for this asset to be a highly attractive repositioning opportunity into high end residential apartments given some apartments in Elizabeth bay are selling for more than twice what we paid for the entire property.  In the meantime investor will benefit from an attractive yield form the property during the holding period.