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Cyre Trilogy claims RE change has delivered investors a windfall
Cyre Trilogy has upped the investor return on a property syndicate previously managed by APGF Management.
Twelve months after Cyre took over as responsible entity (RE), investors will receive an extra 3.5 cents, bringing the total payout to $1.43.5 per unit.
Cyre Trilogy director Peter Arnold said the dividend was higher than the original estimate of $1.40.
"Before winding up the fund, we undertook a final reconciliation of all the syndicate accounts and were successful in recovering outstanding building outgoing totalling $183,000 from tenants," he said.
The Brisbane Property Syndicate is one trust involved in Cyre Trilogy and APGF's public battle over the management of ten Austgrowth Property Trusts.
While Cyre was successful in winning investors over in a number of the trusts, APGF and Cyre disagreed on the number of trusts that have since changed hands.
APGF has accused Cyre of predatory bidding, while Cyre accused APGF of mismanaging the trusts.
Both parties charged each other with misleading investors - the most recent incident in June when Cyre dismissed APGF claims that the lender to Austgrowth Property Syndicate No. 23 advised a change of RE could trigger a default under the trust's loan agreement.
While a June investor meeting was set up to resolve the issue, the meeting was adjourned and a resolution has not been reached.
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