This follows a successful institutional marketing campaign and strong investor feedback on the proposed initial public offer (IPO).
The Fund is an unlisted property fund, established in 2005, which owns a portfolio of eight office assets in New South Wales, Victoria, Australian Capital Territory, South Australia and Queensland, with assets valued at $391 million, at 30 April 2016.
Mark Pratt, general manager of Australian Unity Real Estate Investment, said the market has responded positively to both the proposal and the prospect of Australian Unity’s commercial property capability in a listed environment.
"This is the first A-REIT expected to list on the ASX this calendar year and we have been pleased with the high level of interest from investors to date.
"The strong reception by both institutional and retail investors has confirmed our view that an ASX listing is in the best interests of existing unitholders," Mr Pratt said.
Australian Unity proposes to list the Fund on the ASX, raising up to $155 million of equity from new and existing unitholders via an underwritten IPO, and providing a capped $56.2 million withdrawal offer to existing unitholders.
"The listing will provide access to additional equity for the sustainable growth of the fund and liquidity to those investors seeking to withdraw," Mr Pratt said.
"The IPO will also enable the Fund to reduce its gearing to approximately 30 per cent upon listing."
The new listed fund will be named the Australian Unity Office Fund.
To progress the listing, Australian Unity has issued a Notice of Meeting to existing investors in the Fund to seek their approval. The meeting will be held on Friday, 17 June 2016.
Existing investors will also shortly receive an offer to participate in the IPO.
"If investors pass all resolutions set out in the Notice of Meeting, the Fund will trade on the ASX on a conditional and deferred settlement basis on or around 20 June 2016.
"As the IPO has now been underwritten by Credit Suisse (Australia) Limited, UBS AG Australia Branch and National Australia Bank Limited, we believe existing investors can vote with a high degree of certainty on the listing proposal," Mr Pratt said.
Australian Unity corporate entities and funds managed by Australian Unity subsidiaries are expected to have an investment in the listed Fund of up to 15 per cent at allotment.
For more information please contact: Mr Mark Pratt General Manager, Real Estate Investment Phone: 03 8682 4448 Email: firstname.lastname@example.org
Mr Mark Pratt General Manager, Real Estate Investment Phone: 03 8682 4448 Email: email@example.com