News

Property Funds Association met with ASIC in late November, to discuss various issues impacting the unlisted property investment community. Here’s a summary of the main issues discussed:

The PFA Learning Series Event: Was a lively discussion on how three Fund Managers navigated the challenges, successes and processes of raising capital before, during and as we emerge from COVID; from the perspective of retail, wholesale and sophisticated investors.

Yardi’s Chris Barbier, Industry Principal of Investment Management and Bernie Devine, Regional Director break down the top three trends they are seeing in the world of investment. With major capital waiting to be distributed, people are becoming much more aware of how they communicate with their investors. Quarterly reports are just not cutting it anymore. The investors want to know what their risks of exposure are in real time and in great detail.

Yardi’s Chris Barbier, Industry Principal of Investment Management and Bernie Devine, Regional Director discuss the main issues companies face when reporting to investors. Barbier notes that some investors now often require information such as rent collections – down to that level of detail. And this is largely the result of COVID-19. Investors are realising that what is happening at the asset is going to impact their returns. Timely and accurate reporting is more crucial than ever.

The PFA Learning Series Event: With an international and domestic perspective, Real Capital Analytics has a clear focus on what global and local markets have being doing during the Pandemic. Where are funds flowing and where is the value? Are there any global themes emerging or are markets moving in different directions? The players, the pricing, the performance, the geo-political climate – hear from David Green-Morgan, Managing Director APAC, on where world property markets are going

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.

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.

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).

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.

ASIC has invited PFA to participate in its Recurrent Data Project (RDP) Reference Group, and PFA representatives attended a recent briefing in early April.

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.

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 activity.