APGF - Australian Property Growth Fund - Aussie Stock Forums

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  1. #1

    Default APGF - Australian Property Growth Fund

    Queensland based fund maager APGF are ruhmered to be selling the $400m PFA fund to Charter Hall.
    This follows the pending sales of their NSX listed head stock the which holds Brisbane's Blue Tower, Westpac campus at Concord and the Royal Bank Building in Melbourne.
    APGF AREIT which was formed just 12 months ago is being wound up amidst claims by the manager that the fund is no longer sustainable, investors distributions have ceased, assets have been placed on the market and APGF have converted back fees into interest bearing loans.
    Domian SEQ assets are being sold off as well.
    Angry investors in the remaining Austrowth syndicates have called a unit holders meeting to remove APGF as the manager and replace tham with the Sydney based boutique fund manager CYRE Trilogy.
    Was that a truck full of archive boxes outside APGF offices??
    DIRECTORS include MD and puppet extrordinare Geoff McMahon, Bob Bryan (Leyshon Holdings) and Neil Summerson (BOQ Chairman)

  2. #2

    Default Re: APGF

    There's a lot who blame the market - including the manager of Trilogy's Pacific First Mortgage Fund that's lost 42% of its value during Trilogy's management (Balmain Trilogy Investment Management Pty. Ltd. as investment manager) in the 2.5 years to 31 December 2011

    Balmain Trilogy's investor committee said that valuations were in "free fall" and further losses have been anticipated.

    Already in March 2012, Trilogy was forced to pay down the fund's debt by $5.5m in order to comply with the CBA facility 10% LVR covenant.

    Trilogy's Healthcare REIT fund at Crows Nest which has sustained seven figure losses since it's inception is all but finished (taken off Trilogy's site last year)

    Here's a link that might be of use: http://www.moneymagik.com/

    Have a look at the "Three Part Trilogy Tragedy".

    There are a lot of folk losing a lot of money, and I don't think for one moment it's the managers - While investors in the PFMF lost 42%, Trilogy picked up over $15m in fees!

    Balmain Trilogy's site has all the financial returns: http://www.balmaintrilogy.com.au

  3. #3

    Default Re: APGF


    ''...APGF managing director Geoff McMahon said concerned investors in the four funds, the remaining funds under APFG control, had contacted APGF management complaining about CYRE Trilogy's tactic of aggressively canvassing them to assign a Power of Attorney to act for them.

    "This is not about CYRE Trilogy being asked to act for investors, it is about CYRE Trilogy aggressively approaching investors to secure their votes so they can take over the fund," McMahon told Financial Standard.

    "The CYRE Trilogy tactic has been to secure enough votes through irrevocable power of attorneys to call a meeting and take over property fund management rights for its own benefit.

    "The tactic has effectively removed investors' rights to control their own investment and it is a concern that it has been perpetrated on unsuspecting investors, many of whom are seniors and not familiar with these legal maneuvers," he said....''

    yes...how many elderly retirees are aware of ALL the implications ?

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