Investa Wholesale Funds Management Limited today announced it had finalised the acquisition of Investa Office Management Holdings (IOMH), owner of Investa Office Management (IOM or “the Platform”).

The acquisition resolves the ownership of IOM and ensures continuity of the Platform’s operations which have underpinned the strong performance of the funds managed by IOM.

IOM will maintain the existing management structure of the Platform, with separate management teams and separate majority independent Boards for each Responsible Entity of Investa Office Fund (IOF) and Investa Commercial Property Fund (ICPF).

IOM’s rigorous day to day governance policies, which have underpinned its strong track record of conflict management, will also remain in place. The IOF and ICPF boards will continue to retain their separate board charters which determine and govern each fund’s strategy and direction.

Neither IOF nor ICPF have sought any enhancements to their governance arrangements with IOM when they were recently invited to do so, which is a strong endorsement of the quality of the existing governance structurA new, majority independent IOM board with an independent Chairperson will now be established to oversee operations and optimise performance of the Platform in the interests of all stakeholders. Leading executive search firm Egon Zehnder, has been engaged to recruit three independent directors, including the Chair.  In addition, IOF and ICPF have each been invited to nominate a director, taking the Board of IOM to five non-executive members.

The Implementation Deed with IOF, which provides IOF with a right to acquire 50% of IOM in certain circumstances, remains in force.

Importantly, the acquisition positions the Platform’s successful and committed team to continue to maximise value for all investors.  To this end, Ms Nicole Quagliata has accepted the position of Assistant Fund Manager for IOF, effective immediately.  Ms Quagliata was previously the senior fund analyst for IOF.

IOF unitholders will be provided with further and ongoing information to ensure they are fully informed about the choice to continue to be managed by the Platform.