Centro Direct Property Fund announces receipt of approvals for aggregation of Centro entities
The Responsible Entity of the DPF has today announced that all necessary approvals relating to the aggregation of various Centro entities have now been received. Aggregation is scheduled to be implemented on 14 December 2011. Please feel free to review the below PDF
The main question may now be “When am I getting my money?”
As stated in the articles, Centro advise the Initial Sale Process will take place one to three months after Aggregation which is scheduled for 14 December 2011. I will wait to pend this transaction until I have a better idea of dates.
Another may be “What do I do if I have missed out on the initial sale process?”
Centro have stated that following Aggregation the fund may have some liquidity and clients may be able to sell units as they wish. I am currently in contact with RBC as to whether this will be in the form of straight out sells/switches or another method. I anticipate that this will not be known for some weeks.
I will be saving the list of the final client requests in the following location in the common drive for your reference should any advisers or clients call to find out if they are participating. ADMIN\Centro, AMIF & APF redemption offer
One thing to bear in mind is that the fund is now attached to an ASX listed Stapled Security so the unit price is expected to be more volatile than when it was a managed fund.