Australian Unity sells $238m fund

Australian Unity has sold the Property Income Fund to Newmark Capital, led by ex-AFL player, Chris Langford.

The deal will see the buyer’s assets under management grow $238.3 million to c$1.8 billion.
No change to PIF investor unit holdings, distribution frequency, liquidity mechanism or strategy is expected.
Existing fund manager Damian Diamantopoulos and assistant portfolio manager, Andrew McLeod, will shift to Newmark.
Settlement is scheduled before June 30.
Diversified portfolio worth $238.3m
The bulk of PIF’s portfolio – worth $92.9m – is in listed REITS, largely the AU A-REIT fund (in which it holds a $77.7m interest), followed by the AU Office Fund ($3.34m), BWP Trust ($2.43m), Carindale Property Trust ($2.35m) and HealthCo Healthcare & Wellness REIT ($2m).
Another $51.36m of PIF – equating to 21.56pc – is the stake in unlisted trusts, holding, amongst other asset classes, student accommodation, specialist disability accommodation and shopping centres including Warrawong Plaza, Eildon Caboolture, Planum Footscray (the ex-Lonely Planet HQ) and Waverley Gardens (in the process of selling to Charter Hall).

Nearly $77.5m is held as direct property.
The balance – $16.6m, representing 6.96pc of the portfolio as at March, 2025 – is cash or cash equivalent.
“Acquiring the management rights…aligns with Newmark’s investment philosophy which prioritises disciplined asset management enhancing rental income and stable returns for investors,” Mr Langford, who co-leads Newmark with Simon T Morris, said.
“Newmark is committed to maintaining the Property Income Fund legacy while driving further growth through active asset management and increased investment,” he added.
The deal will see Newmark buy all units in Australian Unity Investments Limited, the PIF entity.
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