Investors in all five retail property syndicates managed by Australian Unity Investments (AUI) have given their approval for the syndicates to be merged into one fund.
Yesterday, the firm announced that investors in the Wyong syndicate had finally approved the merger following an initial delay in the decision.
In December 2008, investors in the Wyong syndicate expressed concerns about investment performance should the syndicates be merged. AUI then moved to allay their concerns.
The Australian Unity Retail Property Fund will now manage $400 million in funds under management.
The unlisted retail property fund will hold seven properties including shopping centres in New South Wales, Queensland, Western Australia and Victoria.
AUI general manager Adam Coughlan said a single open-ended trust allows for future development and improvement of the properties, which is limited by the syndicate structure.
There will be an initial withdrawal offer subject to a maximum cap of $20 million.
