Morgan Stanley completes Investa platform sale
March 7th 2016 | , Property Review Australia
THE Investa Wholesale Funds Management Limited has finalised the acquisition of Investa Office Management from Morgan Stanley.
The acquisition resolves the ownership of IOM and ensures continuity of the platform’s operations, which includes the management of the ASX-listed Investa Office Fund (IOF) and unlisted Investa Commercial Property Fund (ICPF).
In light of the acquisition, executive search firm Egon Zehnder, has been engaged to recruit three independent directors, including the chair.
In addition, IOF and ICPF have each been invited to nominate a director, taking the board of IOM to five non-executive members.
The implementation deed with IOF, which provides IOF with a right to acquire 50% of IOM in certain circumstances, remains in force.
The IOF Independent Board Committee (IBC) said the unitholding in IOF, previously held by the platform, has not been acquired as part of the transaction.
“It is understood this unitholding has been transferred to another entity controlled by Morgan Stanley although we are unaware of the details as no substantial shareholder notice has been lodged with the ASX.
“The IBC has unanimously resolved to recommend that IOF securityholders vote in favour of the Dexus Proposal in the absence of a superior proposal, and subject to the independent expert opining that the Dexus Proposal is in the best interests of IOF securityholders,” IBC said.
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