Queensland-based funds manager Trinity Group has sold down its 38.5 per cent unit holding in the Trinity Enhanced Return Fund to The Trinity Property Trust and what it describes as “an institutional investor unrelated to the Trinity Group”.
In an announcement to the Australian Securities Exchange (ASX), Trinity Limited said the transaction had netted the company $5.87 million.
It said that as a result, Trinity Property Trust was acquiring approximately 95 per cent of the Trinity Stapled Trust’s unit holding, valued at around $5.55 million, with the institutional investor acquiring the remaining units valued at around $320,000.
It said that at the completion of the sale, Trinity Property Trust would have a 75 per cent interest in the Trinity Enhanced Return Fund, with the institutional investor holding the remaining 25 per cent.
The Trinity Enhanced Return Fund is an unlisted property fund which, indirectly through a wholly-owned trust, owns the AM60 property located in the Brisbane central business district.
