Opening the APW black box

Because this information most likely won't be provided to unitholders by APW to help them make an informed decision - below is some analysis on two part-owned associated funds which account for ~35% of APW's portfolio value. (If you add all the fully-owned funds, >86% of APW's portfolio has some arrangement do with AIMS).

Focus on the dark orange lines - these show the RE fees paid up to AIMS and the messy cross-shareholdings which allow AIMS to exert 'excess control' and effectively stitch-up most of APW's shareholder funds in related vehicles.

Also note that on 1/12/2017 APW 'invested' $19m in a new vehicle called 'AIMS Real Estate Opportunities Fund' or 'AREOF'. Just three days later on 4/12/2017, AREOF deployed $3.4m into MacarthurCook Office Property Trust (accounts below right), and booked an 'instant gain' of ~38% because the stake was supposedly worth $4.7m.

This transaction illustrates the 'merry-go-round' that is APW's investment process: not only does MacarthurCook hold ~9% of APW, but this transfer of [APW cash] > [AREOF] > [MacCook shares] cemented AIMS' control (and fee rake) in the latter with ~83% associated shareholdings!

Your money at work...