The company was not satisfied with the management or performance of the fund and was acting to protect its investment, ReCap chief executive Andrew Saunders said.
Saunders said the units were trading at more than 65 per cent discount to the net tangible asset per unit.
ReCap is a shareholder of the listed industrial fund, which has a portfolio of 11 industrial properties valued at about $126 million.
The company is seeking an extraordinary general meeting to be held in September to ask shareholders to appoint it as responsible entity.
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