Voters in the MacarthurCook Industrial Fund have voted against the bid by Real Estate Capital Partners (ReCap) to take control of the fund.
The decision follows a month-long push by ReCap to take control of the industrial fund.
About 56 per cent of unitholders in the fund voted against the potential takeover. Similarly, 56 per cent voted against the second resolution to remove MacarthurCook as manager of the fund.
Voters, however, voted in support of ReCap's resolution to remove a clause that allowed for a $2.6 million reimbursement fee to MacarthurCook should it be removed from its management rights of the fund.
MacarthurCook has a 24 per cent stake in the fund and ReCap has an 11.8 per cent share.
"We do have a 24 per cent stake in the fund, however we have followed due processes and retail investors have voted overwhelmingly for our business to continue control of the fund. The matter is now finalised," a MacarthurCook spokesperson said.
ReCap will maintain the pressure on MacarthurCook to improve the performance of the industrial fund, according to ReCap chief executive Andrew Saunders.
"As a major unitholder, ReCap will continue to ask questions and press answers about how our fund is being managed," Saunders said.
The fund recorded an operating profit of $6.4 million and an accounting loss after net fair value adjustments of $40 million for the year ended 30 June 2009.
