The investments of the Fund may be held via one or more wholly-owned sub-trusts including the Specialist Residential Property Trust (Sub-Trust), an Australian wholesale unlisted unit trust which is wholly-owned by the Fund. The Sub-Trust may invest into underlying properties directly or indirectly.
The Fund has an investment mandate to acquire a portfolio of specialised residential property assets in Australian capital cities and key regional markets for inclusion and operation in the Australian federal Government’s SDA scheme.
Investors will be issued Units and receive the benefit of any income and capital gains generated by property investments held directly or indirectly by the Fund (for example, via the Sub-Trust) by way of distributions and other income such as interest.
Unlike the Fund, the Sub-Trust is not a registered managed investment scheme and so is not subject to direct regulation by ASIC. Specifically, the Sub-Trust is a special purpose entity established (and controlled) by the Fund, and will issue Units to, and make distributions to the Fund only.
The chart below sets out the ownership structure and management arrangements for the Fund and the Sub-Trust.
The Responsible Entity
One Managed Investment Funds Ltd (ABN 47 117 400 987) (AFSL 297042) (OMIFL or RE) is the responsible entity of the Fund.
OMIFL is an unlisted public company. Its directors and responsible managers have extensive experience in the establishment and operation of successful financial services companies and operations in managed investment schemes, and in residential property, equities, derivatives and lending markets.
The RE’s AFS licence authorises it to operate the Fund as a registered management investment scheme. As responsible entity, it is responsible for the overall management of the Fund in accordance with its AFS licence, the Constitution, Compliance Plan, Corporations Act and relevant law.
The Investment Manager
Spring FG Funds Management is a wholly-owned subsidiary of WT Financial Group Limited (WT FG), an ASX-listed (ASX:WTL) diversified financial services business with products and services encompassing financial planning and investment advice; insurance and superannuation; finance; and tax and accounting services.
As the Investment Manager, Spring FG Funds Management is responsible for managing and administering the Fund’s investments (including its investment in the Sub-Trust), marketing of the Fund and Investor relations.
The Investment Manager, its directors and senior management and the members of the Fund’s Investment Committee have extensive experience in the establishment and operation of successful financial services and real estate companies and operations.
The Investment Manager has also been appointed by the Sub-Trustee as the manager of the Sub-Trust’s investments.
The Asset Manager
Spring FG Realty Pty Ltd (ABN 16 150 134 946) (Spring FG Realty or Asset Manager) is also a wholly-owned subsidiary of WT FG and is the asset manager of the Sub-Trust. It has extensive experience in the acquisition and disposal of residential property having acted for and/or advised buyers and vendors on circa 1,000 individual property transactions. It holds corporate real estate licenses in all Australian eastern-seaboard jurisdictions (NSW RE Licence 1708663, Qld RE Licence 3510266, Vic RE Licence 074746L, ACT RE Licence 18401881) and is registered as a provider of SDA (Provider Registration Number 4050038848).
As Asset Manager, its role is to research and identify residential property asset opportunities, applying appropriate due diligence processes to ensure each property passes high standards in quality, to fit with the overall objectives of the Fund. This includes analysis of the asset’s potential yield profile; acquisition cost versus broader market value; and SDA Participant market demand for the type of asset, and for the location of the asset. As a registered SDA provider, the Asset Manager is also responsible for registering properties held by the Sub-Trust as SDA properties and ensuring compliance with SDA requirements.
Spring FG Realty SDA scheme delivery services are operated through its SDA Liveable Homes division. SDA Liveable Homes has the role of coordinating the delivery of Fund properties to SDA participant tenants and engaging with supported independent living (SIL) providers who will deliver SIL services to residents. SDA Liveable Homes has engaged the services of leading not-for-profit Summer Foundation as its tenant matching and advocacy provider.
The Investment Committee
The Investment Manager has established the Investment Committee to provide expert advice and to assist in the evaluation of investment opportunities and potential disposals, fund administration, and other commercial matters for the Fund and the Sub-Trust.
The Investment Committee’s role is to review the recommendations of the Investment Manager in relation to investments and divestments of the Sub-Trust.
SRPT Holdings Pty Ltd (ABN 65 611 176 642) (authorised representative number 001274192) is also a wholly-owned subsidiary of WT FG and is the trustee of the Specialist Residential Property Trust (Sub-Trustee).
The Sub-Trustee is responsible for the overall management of the Sub-Trust and its assets (whether held directly or indirectly by the Sub-Trust), including undertaking property investment within the agreed mandate and undertaking property disposals upon the recommendation from the Investment Manager.
One Managed Investments Funds Limited (ABN 47 117 400 987) (AFSL 297042) (Custodian) is the Fund’s Custodian. The Custodian’s role is to hold the legal title to the Fund’s assets in its name and act on the direction of the RE to affect cash and investment transactions. The Custodian will not hold the assets of the Sub-Trust, these will be held by the Sub-Trustee on behalf of the Sub-Trust.
The Administrator and Registrar
Unity Fund Services Pty Ltd (ABN 16 146 747 122) provides fund accounting services to the Fund. Unity is responsible for, among other things, processing trade-related transactions, reconciling bank accounts of the Fund, calculating income and expense accruals, calculating management and performance fees, and preparing annual accounts.
One Registry Services Pty Limited (ABN 69 141 757 360) maintains the register of Investors, which includes processing application money received from applicants and maintaining and updating member details and processing distribution payments
Mazars Audit (Qld) Pty Ltd (Mazars), auditor registration number 338599, is the independent auditor of the financial statements of the Fund and of the Fund’s Compliance Plan.