Australian Unity Office Property Fund to list on ASX
An overwhelming number of Australian Unity Office Property Fund investors (99 per cent) have voted in favour of the company listing on the Australian Stock Exchange (ASX), according to the organisation.
Australian Unity Office Property Fund was expected to trade on the ASX on 20 June 2016 (from 12 noon) on a conditional and deferred settlement basis, the firm said.
Once listed on the ASX, it would be the first Australian real estate investment trust (A-REIT) listed this calendar year.
Australian Unity Investments chief executive, David Bryant, said the initial public offering (IPO) was well oversubscribed, and that he was very happy with the high level of interest from institutional and retail investors.
"We developed the proposal to list because we believed it was in the best interest of investors. The listing will provide access to additional equity for the sustainable growth of the fund, and liquidity to those investors seeking to withdraw," Bryant said.
All withdrawal requests received during the offer would also be paid in full ($53.29 million), Bryant said.
The portfolio owns eight office assets around Australia valued at $391 million (as at 30 April 2016).
Recommended for you
Almost 70 per cent of asset managers are planning to control costs via product rationalisation, according to a global survey by Northern Trust, as they seek to offer clients a best-in-class experience.
Fund managers should work collaboratively with data providers to minimise greenwashing risks in their products as a positive ESG score can be a “gamechanger” for a fund’s demand with advisers.
Asset manager Janus Henderson has made two acquisitions in the ETFs and emerging markets space as it takes strategic steps to meet client needs.
Self-reporting issues to ASIC could lead to a reduced charge for a fund manager but it may not exempt them from enforcement action altogether, according to ASIC chair Joe Longo.
