Pelorus acquires Reed Property Trust
In what represents further consolidation within the Australian property and funds management industry, Pelorus Property Group has gained control of the Reed Property Trust.
Pelorus has gained control via the acquisition for $1.15 million of Reed Funds Management, which was the responsible entity and foundation unit-holder in the Reed Property Trust.
Announcing the transaction to the Australian Securities Exchange today, the Reed Property Trust was described as a diversified open-ended property trust with over 500 unit-holders that holds retail commercial and industrial properties in Queensland and the Australian Capital Territory.
It said market conditions had resulted in the trust being closed to new investments and redemptions in September last year, with distributions being suspended in March.
Recommended for you
With Fortnum Private Wealth and Professional Financial Services now unified under the Entireti umbrella company, CEO Neil Younger has detailed to Money Management the firm’s new direction and future expansion.
The FAAA has suggested looking offshore for overseas financial advisers to ease the adviser shortage, but are employers willing to take on the burden of workplace visas?
There may be a huge influx of alternatives coming to the market, but timing and access difficulties mean advisers can easily end up disappointed with their selection, according to Morningstar global CIO Dan Kemp.
An NSW individual has pleaded guilty to one criminal charge of providing unlicensed financial services after promoting crypto investments at national seminars.