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.
Recommended for you
Natixis Investment Managers has hired a distribution director to specifically focus on the firm’s work with research firms and consultants.
The use of total portfolio approaches by asset allocators is putting pressure on fund managers with outperformance being “no longer sufficient” when it comes to fund development.
With evergreen funds being used by financial advisers for their liquidity benefits, Harbourvest is forecasting they are set to grow by around 20 per cent a year to surpass US$1 trillion by 2029.
Total monthly ETF inflows declined by 28 per cent from highs in November with Vanguard’s $21bn Australian Shares ETF faring worst in outflows.
