The manager is looking to raise up to $40 million through a limited priority rights offer for the fund's existing investors at a 7.5 per cent discount on the security price as at 30 September this year.
AUI is aiming to reduce balance sheet debt and improve liquidity levels for investors from this capital raising for the fund it acquired from Westpac Funds Management in September.
"The funds raised will allow us to offer investors the chance to participate in a series of three $10 million withdrawal offers over the next 12 months," AUI general manager of property, mortgages and capital markets Mark Pratt said.
"We intend to establish a regular withdrawal program over time, similar to the successful arrangements in place for our other leading property funds such as the Healthcare Property Trust and Retail Property Fund."
Outside of the initiatives, the money raised from the rights offer will also be used to invest in capital works for properties held by the fund that will help attract tenants and improve capital value.
The priority rights offer closes on 22 December. If securities are still available at this time, they will be offered at a 7.5 per cent discount on that month's price.
This additional offer will commence on 3 January 2011.
