Real Estate Capital Partners (ReCap) is seeking ASIC approval to buy back all shares in Real Estate Capital Partners Managed Investments Limited (ReCapMIL).
Earlier this week, ReCap called on The Trust Company to sell all of the shares in ReCapMIL back to ReCap under a buy-back option agreement.
ReCap and The Trust Company signed the agreement in 2010 when The Trust Company acquired all of the ReCapMIL shares.
ReCapMIL is the responsible entity for the Real Estate Capital Partners USA Property Trust and a number of unlisted schemes.
"Under the terms of the acquisition of ReCapMIL by The Trust Company, ReCap retained the right to buy back ReCapMIL during certain time periods," The Trust Company said in a statement to the Australian Securities Exchange.
"The transfer of ownership of ReCapMIL back to ReCap is subject to a number of conditions, including [ASIC] providing approval of certain regulatory requirements."
The Trust Company said the buy-back would have "no material effect" on company earnings and would not result in any gain or loss on sale.
