This article is from the Australian Property Journal archive
REAL Estate Capital Partners is poised to become the new responsible entity for two funds previously managed by Mariner Financial Limited after investors overwhelming voted in favour for the change.
Last week, 90% of investors in the Mariner American Property Income Trust voted in favour whilst of 75% of units cast in the Mariner Infrastructure Trust No. 1 — 99.4% were in favour.
The funds have approximately 7,000 Australian based institutional and retail investors and more than $550 million under management.
ReCap’s chief executive Andrew Saunders is pleased with the acquisition of the management of these funds. He said the expanded investor client base opens up significant opportunities for the future growth.
The acquisition grows ReCap’s total assets under management to $650 million and boosts its investment base to 8,000 investors.
“ReCap executives were instrumental in establishing Mariner’s US Trust in 2005 and we are therefore familiar with the portfolio, its property management team as well as the market itself.
“In addition, ReCap has the operating infrastructure in place to improve the investment performance of the funds through existing in-house capabilities or outsourcing arrangements,” he continued.
Saunders said a strategic review of the funds would commence immediately, the results of which will be presented to investors in the first quarter of 2009.
“Considering the current market, this represents a very reasonable investment and the acquisition will prove an important addition to the ReCap business,” Saunders concluded.
Australian Property Journal
