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.
