Wind up of the Fund (DPF)
The sale of DPF’s remaining properties located at 95 South Centre Road, 1 and 15 Jets Court, Tullamarine, Victoria for $6,650,000 with net sale proceeds paid to investors around 26 October 2016.
Following this, the residual funds (held to cover any potential warranty claims by the purchaser) were returned to investors on or around 19 February 2016. Click here to read more. A final periodic statement and taxation statement will be provided to investors in July 2016.
For all administration matters continue to contact the registry.
Results of DPF Unitholder Meeting
A meeting of the unitholders of DPF was held on 15 November 2012 following the fund reaching its review date (14 October 2012). At the meeting, management outlined its strategy for the fund which included pursuing selective asset sales in order to reduce debt and provide capital returns to unitholders, and two resolutions were put to vote.
Resolution 1, that DPF be terminated in accordance with the procedures set out in its constitution following the sale or realisation of all its assets and distribution of any proceeds to unitholders in accordance with the constitution, was not passed due to the total number of votes received not meeting that required for the resolution to pass. Of those investors who did vote, over 94% voted in favour of the resolution. Following this resolution not being passed and as outlined in the explanatory memorandum that was attached to the Notice of Meeting, DPF will continue on the terms set out in its constitution, and the RE will proceed with an orderly termination of the fund by seeking asset sales where property leasing profiles and market conditions make sales appropriate. The sale of these assets and wind up of the fund is expected to occur in the short to medium term.
Resolution 2, that the sale of the property located at 181 St Georges Terrace, Perth WA to the Charter Hall Direct Property Fund for $26.8 million on ‘arm's length’ terms be approved, thus providing the RE with the opportunity to apply a portion of the sales proceeds to reduce the fund's debt levels, provide working capital and utilise any surplus sale proceeds to provide a capital return to unitholders and providers of bridging equity, was approved, with over 95% of votes cast voting in favour of the resolution.
This information has been prepared by Charter Hall Funds Management Limited ABN 31 082 991 786; AFSL 262861 (‘CHFML’) for information purposes only. This website is not an offer to sell or a solicitation or an offer to subscribe or purchase or a recommendation of any securities referred to herein and the information has not taken into account any potential investors' personal objectives, financial situation or needs. Before investing, you should consider your own objectives, financial situation and needs or you should obtain financial, legal and/or taxation advice.
CHFML does not receive fees in respect of the general financial product advice they may provide, however they will receive fees for operating Charter Hall Diversified Property Fund (‘DPF’) which, in accordance with DPF's constitution, are calculated by reference to the value of the assets of DPF. Entities within the Charter Hall Group may also receive fees for managing the assets of, and providing resources to DPF. For more detail on fees, see the fund’s product disclosure statement. To contact us, call 1300 652 790 (local call cost).
Registry (fund administration) - Link Market Services
For enquiries regarding your personal holding in a fund. This includes account balances, unit price and distribution enquiries, requesting a statement, changing contact details and assistance with investor online facilities. Please have your investor number (as shown on your distribution statements) ready to quote.
Charter Hall (manager)
For enquiries regarding the management of a fund. This includes a funds performance, strategic direction, property portfolio holding and new investment opportunities.