AusUnity fund to list on ASX

Australian Unity is finalising an agreement proposal to list the Australian Unity Office Property Fund on the Australian Securities Exchange (ASX).

Australian Unity Real Estate Investment general manager, Mark Pratt, said that Australian Unity was in a healthy position and well positioned to progress the listing, which is likely to attract the interest of investors.

"This will be the first Australian Real Estate Investment Trust (AREIT) to list on the ASX this year and we expect strong interest from investors," he said.

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"We believe an ASX listing is in the best interest of investors as it will provide access to additional equity for the sustainable growth of the Fund and liquidity to those investors seeking to withdraw."

As at 30 April, the fund had an occupancy level of 96.5 per cent by net lettable area and had received a six-year lease renewal with the state government. If resolutions are approved by investors and an initial public offering (IPO) successful, the new listed fund will be named the Australian Unity Office Fund.

While the IPO will seek to raise a sum of $155 million, Pratt is confident that the fund will continue on the back of strong investment fundamentals from Australian Unity.

"If investors pass all resolutions set out in the notice of meeting, we anticipate the fund will be listed around 30 June 2016," he said,

"The Australian Unity brand is already well known and respected for its expertise and track record in unlisted property management and we believe this will transfer well to the listed environment."

Established in 2005, the fund has assets valued around $400 million.

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