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.
AUTHOR
Mike Taylor
Recommended for you
The profession is up by almost 200 advisers for the new financial year, with August continuing the consistent weekly positive gains.
WT Financial has announced its second “Hubco” with a combined valuation of $7.8 million, while its first one has successfully incorporated and is now making its own acquisitions.
The Australian Wealth Advisors Group has entered into a joint venture with a Melbourne financial services firm to launch a wealth manager.
Remediation and litigation costs have led AMP to announce a reduced statutory net profit after tax of $98 million for the first half of 2025.
