Oaktree, 360 Capital lob proposal for Evans Dixon’s US Masters fund
Both would also likely be involved in refinancing the entity, sources said.It is understood the Oaktree and 360 Capital consortium has secured some early support from some URF unitholders, however the company has not been keen to engage on the proposal.URF is an ASX-listed property fund with $1.5 billion in US real estate investments, liabilities worth $735 million and convertible shares worth another $199 million as at June 30. The fund invests in US residential property and had 1626 housing units on its books as at the end of the June quarter.The restructure proposal comes after a turbulent 12-months for URF, which is in the midst of a strategic review. The fund has been at the centre of investor dissatisfaction after a sharp share price slide prompted it to slash its dividend and begin selling properties in an effort to reduce its debt load. Investors have also turned their attention to the fund’s fees – which has seen $250 million paid to Evans Dixon since it was listed in 2012.URF was also initially set up as a five-year fund, so a lot of unitholders are believed to be keen to liquidate.Alan Dixon, the former chief executive of wealth manager Evans Dixon, also stepped down from URF’s management team earlier this month citing “personal reasons”. In June, he had stepped down as CEO of Evans Dixon to focus his attention on URF.URF is at the heart of a controversy surrounding Evans Dixon. Evans Dixon was formed in 2017 via the merger of Evans & Partners, and Dixon Advisory.It would be an interesting move by 360 Capital, which isn’t afraid of shaking things up at listed funds and has form in restoring value for retail unitholders at the likes of Becton and Asia Pacific Data Centre Group.
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