Westpac Diversified Property Fund
Essentials
- Sale of the responsible entity of Westpac Diversified Property Fund
In the March 2010 Westpac Diversified Property Fund update (PDF 745kb), it was outlined that Westpac Banking Corporation ("Westpac") had advised that it was undertaking a strategic review in relation to its property funds management business.
Westpac has announced that it has agreed to sell Westpac Funds Management Limited ("WFML"), the responsible entity of the Westpac Diversified Property Fund ("WDPF"), to Australian Unity Limited ("Australian Unity").
WFML understands that completion of the transaction is subject to Westpac and Australian Unity satisfying certain conditions, including obtaining all necessary regulatory approvals and consent from WDPF’s lenders.
Westpac has informed WFML that it expects completion to occur in late September 2010, at which time the current directors of WFML will retire and new directors will be appointed by Australian Unity.
The following communication has been sent to all WDPF investors:
20 September 2010 Letter to Investors from Westpac Funds Management Limited (PDF 28kb)
20 September 2010 Letter to Investors from Westpac (PDF 35kb)
20 September 2010 Letter to Investors from Australian Unity (PDF 49kb)
Please note, this Fund is currently closed to applications. Please contact the Westpac Diversified Property Fund Infoline on 1300 739 091 (for callers within Australia) or +61 2 8280 7587 (for callers outside Australia) for more information.
Visit the Westpac Diversified Property Fund website for more information.
Things you should know
- 1. All information current as at 20 September 2010.
- This information has been prepared without taking account of your objectives, financial situation or needs. It should not be considered a comprehensive statement on any matter nor relied upon as such. Because of this you should, before acting on this information, seek independent financial and taxation advice to determine its appropriateness to your objectives, financial situation and needs.
- Financial products issued by Westpac Funds Management Limited ("WFML") are not deposits with or other liabilities of Westpac Banking Corporation ABN 33 007 457 141 ("Westpac"). They are subject to investment risk, including possible delays in repayment and loss of income and principal invested. Neither Westpac nor any of its respective directors, officers, employees, associates or its subsidiaries guarantee or give any assurance in regard to the capital value, income return or performance of the investment.
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