Reed Property Group has announced that it has sold all of its shares in Reed Funds Management Limited (RFML) to the Sydney based listed company Pelorus Property Group (Pelorus). The sale was completed on 4 June 2009.
The recent turmoil in the global and national economies and markets has led to the Group reviewing its overall strategic direction.
The company believes the interests of the Reed Property Trust “the Trust” investors will continue to be well served by a funds management group which will have a greater capacity to focus on delivering growth opportunities and improved performance.
The Group decided its direction should be to exit the retail funds management space and instead concentrate upon its other core property strengths.
Investors in the Trust can be assured that the financial information that was communicated at the end of March remains current until further notice from the new managers of the Trust, Pelorus.
Pelorus is an Australian owned company based in Sydney that has a strong track record in the management of listed and unlisted property trusts, with a retail and commercial property portfolio worth more than $500 million. The company’s focus is on financial and management structures that enable property owners and investors to hold an interest in real estate for the long term.
Pelorus is listed on the Australian Securities Exchange. Further information can be reviewed on Pelorus on the following website www.pelorus.com.au.
