Stoush for property fund heats up
A battle is taking place for the management of the MacarthurCook Industrial Property Fund, with Real Estate Capital Partners (Recap) attempting to take control of the fund from MacarthrCook Funds Management, the current responsible entity of the fund.
The two property funds management companies are now engaged in a war of words ahead of an upcoming unit holders’ meeting, with each communicating with shareholders to refute comments made by the other.
MacarthurCook is arguing that information distributed by Recap in recent brochures sent to unit holders was out of context, particularly in relation to the investment strategies employed by MacarthurCook to manage the fund and the experience of its investment team, as well as refinancing costs and the performance of the fund. Recap yesterday responded to MacarthurCook’s statement defending its position.
Recap recently approached the majority shareholder of MacarthurCook, AIMS, about taking over the management of the Industrial Property Fund. Recap said this proposal was forwarded by AIMS to the MacarthurCook board, who then rejected the proposal. Shareholders will have an opportunity to vote on the outcome at an upcoming meeting.
Both MacarthurCook and Recap have shareholdings in the MacarthurCook Industrial Property Fund.
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