THE Charter Hall Direct Property Management Limited has taken control of the $400 million PFA Diversified Property Trust from Australian Property Growth Fund.
Charter Hall trumped CYRE Trilogy, which was seeking to become the responsible entity of the PFA with its alternative proposal and had previously said that APGF’s sale of the management rights to Charter Hall for an upfront fee of $5 million will leave unitholders severely short-changed.
Charter Hall’s joint managing director David Harrison welcomed the approval from PFA unitholders.
He added that the appointment will increase the group’s retail property funds under management from $1.5 billion to $1.9 billion, and lift the group’s overall total FUM to $9.5 billion.
The transaction will also increase the group’s retail network investors by 4,223 to circa 20,000.
Charter Hall Direct Property head Richard Stacker said the manager will now actively to improve liquidity for PFA unitholders.
Property Review
