June 23 (Reuters) - APN Property Group Ltd APD.AX :

* New $120 million retail property fund APD.AX

* Announced establishment of direct, unlisted property fund, newmark APN Auburn property fund in conjunction with newmark property

* Says equity and debt necessary for the acquisition and redevelopment for the project have been committed

* APN has committed $1.3 million to the new fund and is expected to earn approximately $0.8 million in upfront project initiation fees in FY 2015

* APN is entitled to receive a performance fee equal to 50% of 15% of the project's gross profit payable on completion of the project

* Source text for Eikon ID:nASX6yQvfX

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