Unit holders at Trafalgar Corporate Group have voted in favour of appointing Real Estate Capital Partners Managed Investments as the new manager of the fund.
Trafalgar’s managing director Mark Davidson said the decision for Trafalgar to retire as manager of the fund was made as part of a strategic review of the group’s operations.
Trafalgar will receive a fee of $2 million, which equates to approximately 4% of funds under management.
RECAP has bought the management rights of the Trafalgar Enhanced Income Fund for $49 million, TEIF currently has assets valued at $39.2 million.
RECAP head Andrew Saunder told Australian Property Journal the group has already set its sights on doubling the size of TEIF to $100 million in the very near future.
By Nelson Yap
