October 12th, 2021
The PFA Learning Series Event: Office Property Lease Incentives highlighted the complexities of leasing incentives. On the one hand, a useful tool to produce valuable cash flows, on the other, an exercise in precision drafting for lawyers and an added layer of complexity in the creation of discounted cash flow valuations. Valuable insights in a...
September 30th, 2021
Unlisted property funds need to ensure any funds directed towards retail investors are compliant with the upcoming Design and Distribution Obligations (DDO), which commence next week on 5 October 2021. Part of DDO compliance includes drafting a Target Market Determination (TMD) for investors in the fund, to ensure investors are putting money into investment vehicles...
September 27th, 2021
Unlisted property is attracting investor interest due to its reputation as a steady performer and stabilising element in investment portfolios, with unlisted property funds outperforming all other asset classes for annualised returns over the last five years. Unlisted property investments combine income returns from rents and capital growth in the value of the underlying properties,...
August 19th, 2021
Internal Dispute Resolution changes due this October – RG 271 How financial services firms respond to complaints will need to change from 5 October 2021 when RG 271 will become effective. Timeframes for managing complaints will be reduced, starting with a requirement to acknowledge receipt of complaints within 24 hours (or as soon as practicable)....
July 23rd, 2021
Property Funds Association (PFA), the peak body representing Australia’s unlisted property funds industry, has appointed Andrew Cannane, Executive Director of Intertrust Australia, as President of its Executive Committee. Mr Cannane has served on the PFA Executive Committee for 12 years, and replaces Steven Bennett, CEO Direct Property at Charter Hall, who has finished his two-year...
July 15th, 2021
Notes from ASIC meeting – ASIC Recurrent Data Project set to commence soon ASIC has invited PFA to participate in its Recurrent Data Project (RDP) Reference Group, and PFA representatives attended a recent briefing in early April. Following a successful RDP pilot project in 2019, ASIC is ready to consult with industry and expand the…
May 15th, 2021
ASIC recently announced it has adopted a ‘no-action’ position on convening and holding virtual meetings, including AGMs, in light of the continuing uncertainty around COVID-19 restrictions. The ‘no-action’ position does not extend to electronic execution of documents. Virtual meetings were given the green light in response to the COVID-19 pandemic during 2020, however, the temporary...
April 30th, 2021
Prepared by Atchison Consultants The Investment Report for Direct Property – Performance Analysis: 10 and 25 Years to December 2020. Members will need to log in to view the report. Link to the report. Image – Cromwell Funds Management
March 24th, 2021
MEDIA RELEASE 24 May 2021 Released for: Property Funds Association Released by: Manallack PR phone 0407 334 938 Vic property tax proposals a missed opportunity: Property Funds Association Property Funds Association says the Victorian state government’s plan to introduce higher property taxes could be a missed opportunity to stimulate Victoria’s economy by encouraging more property...
March 1st, 2021
Some of the latest regulatory issues applying to unlisted property funds. Looming issues for wholesale trustees In November 2020, ASIC released an Information Sheet (INFO 251) which clarified its position on ‘authorised representatives’ acting as trustees of unregistered managed investment schemes rather than AFSL holders. This has previously been an area of uncertainty for trustees...