We will generally aim to process withdrawal requests monthly and withdrawal requests will generally be paid within five business days after the specified withdrawal date. Monthly withdrawals will be capped at 5% of the net asset value of the Fund (although we have discretion to alter this amount).
You should however be aware that the Fund has up to 12 months or even longer in certain circumstances to pay withdrawal requests. These circumstances include where we are unable to realise sufficient assets due to circumstances beyond our control.
The amount of cash available to pay withdrawals in any month will be affected by a number of factors which include the amount of applications and redemptions* received in a particular month, outstanding withdrawals from prior months, capital expenditure requirements in the property portfolio, the availability of debt and acquisitions and/or divestments of properties or property securities. Where the amount of funds available for meeting withdrawal requests is not sufficient to fully meet all withdrawal requests relating to a specified withdrawal date, withdrawal amounts may be paid in part. Where withdrawals are paid in part, the outstanding unpaid amount will be paid once sufficient cash is available to meet withdrawal requests relating to the specified withdrawal date and may be paid in priority to withdrawal requests subsequently received by the Responsible Entity.
Investors should be aware that withdrawal requests can only be processed and met while the Fund is liquid and that if the Fund becomes illiquid withdrawals are cancelled and investors will be unable to withdrawal from the Fund unless we choose to make a withdrawal offer. Full detail is contained in the Product Disclosure Statement.
*The fund allows for monthly redemptions, with redemption requests required to be received by the 15th day of month. Payment will be made within 5 business days after this date.