Macro is a shareholder of LEX Property Management Limited (LPML) which is an unlisted public entity specifically formed to provide investors with an opportunity to participate in high income returns and potential capital growth from retail property, primarily through its association with the franchisee for IKEA stores in Perth and Adelaide.

The first offer by LPML was the LEX Retail Property Trust, which raised $18m and issued capital in October 2005. LEX Retail Property Trust has performed well. Construction finished ahead of schedule, which meant that the tenant started paying rent earlier. The cost of construction was $850,000 less than originally projected and the benefit of this has flowed through to the investors with lower interest costs and a higher NTA position.

The property was sold in the first quarter of 2012 providing investors with an IRR of 13.44% over the period of the investment. With the leasehold nature of the property and still 10 years to go on the lease, the LPML directors considered that it was an appropriate time to consider the sale of the property.

LPML's second offer is the LEX Property Fund (LEX PF) which is a unique opportunity for investors to participate in a well located Perth property which was completed in February 2008 with an at completion value of $110.5 million. The property is leased to Cebas Pty Ltd ("Cebas") as the Perth IKEA store. A total of $31.2 million in equity was raised. The opportunity currently offers returns to investors of approximately 14% and a NTA per unit of $1.43.

The directors of LPML are Alan Tribe, Nick Wyatt, Steve Dixon and Peter Morrison.