Centuria Property Funds has come out in support of the Australian Securities and Investments Commission’s (ASIC’s) proposals to improve disclosure in the unlisted property space, which it said would provide necessary protections for retail investors.
ASIC’s Consultation Paper (CP) 163, released in July this year, proposes the introduction of six enforceable disclosure benchmarks addressing issues such as gearing, valuation, related party transactions and distribution.
Centuria Property Funds chief executive officer Jason Huljich said the company had implemented four out of five ASIC’s recommendations and added the fifth one around investor rights.
Huljich said he hopes ASIC’s benchmarks would become an industry wide norm.
"The current market environment offers great opportunities for retail investors in unlisted property and we hope consistent and enforceable benchmarks will help retail investors confidently take advantage of these opportunities," Huljich said.
Following the consultation period, ASIC is expected to release proposed disclosure benchmarks before the end of the year.
