Unit Value & Distribution
- Unit values of active GDI funds as assessed by the directors of GDI Funds Management Limited
Unit Pricing Policy
On establishing new funds, GDI Property Group’s policy is for the unit price to equal the issue price. Reflected in this unit price are the costs of establishing the new fund, the largest of which is stamp duty. The unit price is therefore usually higher than the Net Tangible Asset (NTA) per unit. When the property or properties in a fund are revalued, the unit price then usually reflects the NTA per unit of the fund. Properties are revalued at least every three years, or more often as deemed necessary.
The reason we have adopted this policy is so that the cost burden of things like stamp duty are not just borne by the initial investors, but by any investor that acquires (transfers) a unit from an initial investor, at least until the first revaluation.
In some circumstances, for example a fund that incorporates an asset with a strata sell-down, the unit price may be higher or lower than the NTA given the varying sales prices achieved for the different lots.