Australian Unity has sold the management rights for Australian Unity Investments, the responsible entity of the Australian Unity Property Income Fund (PIF), to Newmark Capital.
As part of the transaction, PIF fund manager Damian Diamantopoulos and assistant portfolio manager Andrew McLeod will join Newmark and continue to manage the fund on behalf of investors.
As of the end of March this year, PIF’s portfolio stood at A$240m (€137m). This included both listed property investments and a direct property portfolio which includes student and disability accommodation and shopping centres in Australia’s eastern states. PIF also held A$51m in cash.
Newmark managing director Chris Langford told IPE Real Assets: “There is no proposed change to the fund’s investment strategy. The fund’s current management team will continue to run the vehicle and will continue to invest in a blend of listed and unlisted property trusts.”
“We are seeing good buying opportunities for good income-based investments across various sectors, especially in office and retail, and we think there are some very good opportunities in listed A- REITs.”
Australian Unity executive general manager - finance and commercial Jenny Saliba said: ”The transfer of the Australian Unity Property Income Fund is consistent with Australian Unity’s strategy to focus its funds management business in areas where it can increase scale and impact, including its Platypus Asset Management business, Healthcare Property Trust and other social infrastructure investment products.”
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