At an extraordinary general meeting, Mariner Financial will be asking investors to decide on appointing Real Estate Capital Partners (ReCap) as the responsible entity for three of its managed funds.
The three funds in question are the Mariner American Property Income Trust (MRA), the Mariner Infrastructure Trust No.1 (MIT 1), and the Mariner Property Trust No.2 (MPT 2).
The vote will be held on November 7, with MRA needing a yes vote from 50 per cent plus one from those in the room or by proxy, with the remaining funds requiring an affirmative response from 50 per cent plus one of unit holders, in order for ReCap to be installed.
The funds have combined funds under management exceeding $550 million, with around 7500 parties invested in them.
The purchase price ReCap will pay for the funds is 0.6 per cent of funds under management, which translates to $2.5 million.
ReCap is looking to take advantage of business synergies between itself and Mariner, should it take over running the funds.
"Each of the trusts has high quality, stable, income-producing assets and their investor client base is a valuable addition to ReCap. The investment also ensures our overall business becomes scale efficient in terms of resources," ReCap chief executive Andrew Saunders said.
"The acquisition grows our total assets under management to $650 million and boosts our investment base to 9500 investors, presenting opportunities for significant future growth," he said.
