The fund was initially looking to raise $431 million, before it was withdrawn early  this month due to the sharemarket volatility.

The fund's initial portfolio comprises four prime office buildings in Wellington and Auckland, being Spark Central and 125 The Terrace in Wellington, the SAP Tower and AIA Building in Auckland, as well as two logistics and warehousing facilities in Auckland.

Its now valuing those assets at a combined $320 million and will focus on commercial and logistics and warehouse assets for acquisitions in the coming months.

It will see the return to the REIT sector of the new chairman Stephen Girdis, former global head of real estate at Macquarie; property expert Andrew Saunders, and Tino Tanfara, former chief executive of the ING Office Fund.

Mr Saunders said the fund would have an initial gearing of 32 per cent and has forecast 2015 pro forma operating earnings and distribution yields of 8.5 per cent and 8 per cent, respectively.

He said in the first half of the 2016 financial year, annualised operating and distribution yields are forcast at 8.8 per cent and 8.2 per cent respectively.

The planned offer comes as investors in real estate investment trusts have been tapped for as much as $1 billion in the past month by a series of new vehicles, in defiance of the recent volatility in the sharemarket.

The first was the GPT Metro Office Fund, which has moved a step closer to being listed on the ASX, following the completion of its $255 million bookbuild, which closed fully underwritten.

More recently, Charter Hall has launched a $200 million capital raising for an existing unlisted office fund that it wants to expand to about $600 million in value and confirmed it was looking for $150 million to seed a new $250 million industrial fund.