Australian Unity Office Fund (ASX: AOF) has entered a conditional $40 million contract to sell its last remaining asset, 150 Charlotte Street in Brisbane, while also seeking refreshed unitholder approval for its delisting and wind-up.
Sale completion is subject to FIRB approval and AOF unitholder approvals.
If implemented, the Responsible Entity, Australian Unity Investment Real Estate Limited (AUIREL), expects to return aggregate proceeds of $0.37 to $0.38 per AOF unit, assuming settlement at $40.0 million.
AOF intends to refresh unitholder approvals for disposing of its main undertaking and delisting from ASX, following consultation with the ASX and December 2024 approvals.
An extraordinary general meeting is planned for May 2026 for the unitholder vote on the proposal, with a Notice of Meeting and Explanatory Memorandum expected to be issued beforehand.
Asset Sale Conditions and Risks
This is not the first attempt to sell 150 Charlotte Street.
A previous sale contract for the property was terminated during the half-year ended 31 December 2025 due to purchaser default.
The current sale is contingent on both regulatory (FIRB) and AOF unitholder approvals.
Final proceeds to unitholders may vary due to settlement risk and uncertain termination and winding-up costs.
Ongoing Wind-down
AOF has been in a wind-down phase since unitholders approved the disposal of its main undertaking and subsequent delisting in December 2024.
As at 31 December 2025, the fund's net tangible assets (NTA) per unit was $0.42.
At the same date, AOF held $25.2 million in cash.
