Also changes being made is to the index the fund tracks. It will change from calculating the index on a capital basis to calculating it on a gross basis. Currently, the capital value of the securities that the Fund invests in excludes the value of distributions to the Fund in relation to such securities. Changing to a gross index will include the value of reinvested distributions and should provide investors with a clearer understanding of the return on the Fund's investments.
First cash PIE a wrap
However, the fund's manager, AMP Capital, also has a version for advisers which is now available on the FNZ and Aegis Wrap platforms.
AMP Capital head of sales and marketing, Anthony Edmonds, says a cash PIE offers real advantages for investors no matter what their marginal tax rate is.
For more read: PIE are we waiting and the comments.
Big gain for investors
St Laurence is set to deliver a gain of more than 136% to investors in a direct property investment scheme following the sale of the scheme's property Unit B, Harvey Norman Centre in Mt Wellington, Auckland.
The scheme, the first of eight direct proportionate title schemes St Laurence created in 2001, was set up to enable investors to buy and hold commercial property as a long term investment.
The building was bought for $4.95 million and St Laurence has received an unconditional offer to sell the it at $8.05 million, $205,000 above the March 2007 market valuation.
Investors can expect to receive a total payment of approximately $59,000 per $25,000 invested. In addition to the capital gain, investors also received annual distributions which were increased from 10.1% to 12%.
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