APN Funds Management has released a schedule for the quarterly redemption windows for its APN Property for Income Fund 1 and 2, after closing its first opportunity last month.
The withdrawal offers run from 1 September to 23 November 2012, from 1 December 2012 to 22 February 2013, from 1 March 2013 to 24 May 2013 and from 1 June 2013 to 23 August 2013.
The requests made for the initial offer that closed on 24 August are currently being processed by the fund manager and investors can expect proceeds within the month.
APN plans to pay out a combination of cash and units in a new fund, the APN Unlisted Property Fund (APN UPF).
In the first offer, the split between cash and units in the APN UPF was expected to be about 75 per cent cash and 25 per cent units.
The proportion might be adjusted for future withdrawals, depending on the ratio of liquid versus illiquid assets within the portfolio.
APN expects the percentage of liquid assets to increase over time and this would mean the cash proceeds will also increase.
The APN UPF was set up to hold the illiquid assets of the old funds and APN hopes to sell down these assets over the next three to five years.
