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July 04, 2017Read More
Campus Living Funds Management Limited (CLFM), the trustee and fund manager of the Campus Living Villages Fund (CLV Fund) is pleased to confirm the completion of the internalisation of CLFM which occurred on 26 June 2014.
CLFM and the CLV Fund’s investors (comprising five of Australia’s industry based superannuation funds) agreed to the internalisation of the management of the CLV Fund effected by Transfield Holdings selling all of the shares in CLFM to the CLV Fund’s other investors (in addition to its circa 9% security holding in the CLV Fund).
The internalisation followed a strategic review by Transfield Holdings of its investment portfolio and was in line with its intended investment horizon when it first entered the student accommodation market in 2004 and sponsored the CLV Fund in early 2007.
The CLV Fund structure and operation of the global student accommodation portfolio remain unchanged as part of the internalisation. CLFM has also decided to appoint three new directors (Stephen Newton, Geoff Brunsdon and Anthony South) to the CLFM Board. These new appointments replace outgoing director Guido Belgiorno-Nettis and will sit alongside existing directors Walter Carpenter (Chairman), Gayle Tollifson and Nicholas James.
The CLFM executive team, led by Global CEO Martin Earp, all transitioned across with CLFM as part of the internalisation.
Commenting on the internalisation, CLFM Chairman Walter Carpenter said: “The Board is delighted to have completed this transaction. It demonstrates the ongoing support and commitment of our investor base.
“I would like to acknowledge Transfield Holdings’ vision, support and involvement in the management of the Fund since its inception in 2007. The business has been taken from an idea to a major global provider of student accommodation. CLV is now a leader in a number of markets in which it operates.” added Mr. Carpenter.