Morrison & Co has successfully completed the A$1.1 billion unit transfer for the Utilities Trust of Australia (‘UTA’), which it manages.
Demand for units was very strong from existing investors, resulting in an over-subscription from unit holders. The sale process was managed via a pre-emptive Rights Protocol, and enabled existing unit holders to purchase units being redeemed by exiting investors.
With such a strong level of demand, the entire pool of sale units was taken up by existing UTA unit holders.
The price per sale unit was based on UTA’s underlying net asset value.
UTA has a globally diversified portfolio including investments in water, transport, energy and data, which have been identified as quality, inflation-protected assets. UTA has delivered its investors strong returns with low volatility since inception.
For more information about UTA, please visit https://www.uta.com.au/