Charter Hall Direct Property Management Ltd will manage the PFA Diversified Property Trust.
The resolution to appoint Charter Hall Direct Property Management Ltd as responsible entity of PFA Diversified Property Trust was approved a meeting of PFA unitholders last week.
The appointment increases Charter Hall’s direct property funds under management by $0.4 billion to $1.9 billion. The group’s total funds under management is now $9.5 billion.
“We are pleased to be appointed as manager of PFA and will actively work to implement a strategy which will provide PFA unitholders with improved liquidity, decreased portfolio risk and best practice corporate governance with a focus on maximising income and capital return for investors,” Charter Hall head of direct property, Richard Stacker says.
The transaction is expected to be marginally earnings accretive for Charter Hall.
With the addition of 4,223 PFA investors, the group’s direct property retail network is circa 20,000.