AUI launches $400 million retail property fund
Australian Unity Investments’ (AUI's) Wyong property syndicate — along with four other AUI retail property trusts and syndicates — has been converted into a single open-ended trust, the Australian Unity Retail Property Fund.
Investors in the Wyong syndicate, and the other trusts and syndicates, yesterday voted in favour of the proposal by AUI to create the new $400 million fund.
It will include shopping centres and service centres in NSW, Queensland, Western Australia, and Victoria.
AUI general manager, retail, Adam Coughlan, said the conversion of the Wyong syndicate into a single open-ended trust would bring significant benefits for investors.
“It will allow for future developments and improvements of the properties”, which, he said, are limited in trust structures that are not open ended.
Investors will exchange their current units for interests in the stapled Retail Property Fund without triggering material tax consequences or distribution interruptions, he said.
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