Investa subsidiary and Macquarie enter JV deed
The Investa Commercial Property Fund’s (ICPF) wholly-owned subsidiary, ICPF Holdco (ICPFH), has entered an agreement with Macquarie Real Estate Investment Holding (MREPL) under which both firms implemented a platform transaction through the sale of a 50 per cent interest in the Investa management platform by ICPFH to MREPL.
Following the transaction, both parties also entered a joint venture deed in relation to the Investa management platform.
According to ICPF, entering the platform transaction meant it was no longer restricted by the Corporations Act from voting on any of the resolutions proposed by the Investa Office Fund (IOF) in relation to the Blackstone proposal to which Investa Listed Funds Management (ILFML) was a responsible entity (RE).
ICPF also said that in its view ILFML and Investa Wholesale Funds Management (IWFML), a responsible entity of ICPF, were no longer associates in relation to IOF.
At the same time, ICPF said it had not yet decided how it would vote on the resolutions as far as the Blackstone proposal was concerned.
The ILFML board advised IOF unitholders not to take any action in response to news of the platform transaction and would continue to unanimously recommend that IOF unitholders vote in favour of the proposal, in absence of a superior proposal.
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