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鈥檚 portfolio stood at A$240m (鈧�137m). This included both listed property investments and a direct property portfolio which includes student and disability accommodation and shopping centres in Australia鈥檚 eastern states. PIF also held A$51m in cash.
Newmark managing director Chris Langford told 91传媒在线: 鈥淭here is no proposed change to the fund鈥檚 investment strategy. The fund鈥檚 current management team will continue to run the vehicle and will continue to invest in a blend of listed and unlisted property trusts.鈥�
鈥淲e 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.鈥�
Australian Unity executive general manager - finance and commercial Jenny Saliba said: 鈥漈he transfer of the Australian Unity Property Income Fund is consistent with Australian Unity鈥檚 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.鈥�
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