Highlights
• Australian Unity Office Fund units rose 7.46% to AUD 0.36 on 9 April 2026 following a strategic update.
• Conditional agreement signed to sell 150 Charlotte Street, Brisbane for AUD 40.0 million
• Sale subject to FIRB approval and unitholder approval
• Expected return to investors estimated at AUD 0.37 to AUD 0.38 per unit
• Proposal includes refreshed unitholder approvals for asset disposal and ASX delisting

Australian Unity Office Fund (ASX:AOF) units climbed 7.46% to AUD 0.36 during the afternoon session on 9 April 2026, following the release of an update outlining progress on the potential sale of its remaining property asset and next steps in its wind-down process. Despite today’s upward move, the stock remains down 59.09% over the past year, reflecting the broader transition phase the fund has been undergoing. The latest announcement appears to have drawn investor attention as it provides greater clarity on a potential capital return and the pathway toward concluding the fund’s operations.

Strategic Asset Sale Moves Forward
Australian Unity Investment Real Estate Limited (AUIREL), acting as the responsible entity of Australian Unity Office Fund, confirmed it has entered into a conditional agreement for the sale of 150 Charlotte Street in Brisbane. The buyer is a fund managed by Dexus Group, with the agreed transaction value set at AUD 40.0 million.

The sale, however, remains subject to key conditions. These include approval from the Foreign Investment Review Board (FIRB) and consent from AOF unitholders. As such, while the agreement marks a significant step forward, completion is not yet guaranteed and remains contingent on these approvals being secured.

This development builds on earlier communications regarding the marketing of the property and signals tangible progress in monetising what is currently the fund’s sole remaining asset. The Charlotte Street property represents the final stage in AOF’s asset realisation strategy, aligning with its broader objective of winding down operations.

About Australian Unity Office Fund
Australian Unity Office Fund is an Australia-based real estate investment trust (REIT) that has been transitioning toward an orderly wind-down of its portfolio. At present, the fund is focused entirely on divesting its remaining asset, located at 150 Charlotte Street in Brisbane, Queensland.

The fund’s strategy has shifted away from active asset management toward capital realisation and return to unitholders. This repositioning reflects earlier decisions approved by investors, including the disposal of its main undertaking and eventual delisting from the ASX. As a result, AOF is no longer pursuing growth initiatives but is instead concentrating on completing asset sales and distributing proceeds.

Proposal to Refresh Unitholder Approvals
A key component of the latest update is AUIREL’s intention to refresh previously obtained unitholder approvals. In December 2024, AOF unitholders had already approved the sale of the fund’s main undertaking and its delisting from the ASX.

Following consultation with the ASX, AUIREL has determined that it is appropriate to seek renewed approval from unitholders before proceeding further with the sale of the Charlotte Street asset, as well as the broader delisting and winding-up process.

This refreshed approval process forms part of what is referred to as the “Proposal,” which encompasses the disposal of the remaining asset, removal from the ASX, and final wind-up of the fund. The decision to revisit unitholder approvals reflects governance considerations and ensures that investors have an updated opportunity to vote on the final stages of the fund’s lifecycle.

Expected Returns for Investors
One of the most closely watched aspects of the announcement relates to the potential financial return for unitholders. Based on current assumptions, including the successful completion of the Charlotte Street sale at AUD 40.0 million, AUIREL expects that aggregate proceeds returned to investors could range between AUD 0.37 and AUD 0.38 per unit.

This indicative range provides a benchmark for investors assessing the value of their holdings relative to the current market price. However, the final return remains uncertain and could vary. Several factors may influence the ultimate payout, including whether the sale conditions are satisfied, the timing and completion of settlement, and the final costs associated with terminating and winding up the fund.

Additionally, eligibility to receive these proceeds will depend on unitholders being recorded on the register at relevant dates and continuing to hold their units through the completion of the wind-up process.

Timeline and Next Steps
AUIREL has outlined a preliminary timeline for progressing the Proposal. The responsible entity expects to distribute a Notice of Meeting along with an Explanatory Memorandum to unitholders in April 2026. These documents will provide detailed information regarding the Proposal and enable investors to make an informed decision.

An extraordinary general meeting (EGM) is expected to be held in May 2026, at which unitholders will vote on the Proposal. Subject to receiving the necessary approvals from both unitholders and FIRB, settlement of the Charlotte Street transaction is anticipated to occur in May 2026.

This timeline suggests that the key milestones for completing the fund’s wind-down could unfold over the coming months, pending the outcome of required approvals.

Board Recommendation Signals Confidence in Proposal
The directors of AUIREL have indicated their intention to recommend that unitholders vote in favour of the Proposal, provided no superior alternative emerges. This recommendation reflects the board’s view that the proposed transaction and associated steps represent an appropriate course of action for maximising value and completing the fund’s wind-up.

The absence of any mention of competing offers suggests that the current agreement may be the most viable pathway available at this stage, although the conditional nature of the contract leaves room for potential changes.

Market Reaction and Investor Interpretation
The 7.46% increase in AOF’s unit price to AUD 0.36 on 9 April 2026 coincided with the release of this update, suggesting that investors responded positively to the added clarity around asset realisation and potential capital returns.

The indicated return range of AUD 0.37 to AUD 0.38 per unit may have provided a reference point for valuation, particularly in the context of the fund’s current trading price. While the stock remains significantly lower over the past year, the latest developments appear to have contributed to renewed market interest.

The update effectively outlines a clearer path toward concluding the fund’s operations, including asset sale progression, governance steps, and an indicative return framework.

What This Means for Investors
The latest update from Australian Unity Office Fund highlights continued progress in executing its wind-down strategy, with the conditional sale of its final asset representing a central milestone. The proposed return range, coupled with a defined timeline and board support, provides investors with increased visibility on potential outcomes.

At the same time, the conditional nature of the transaction and the need for multiple approvals introduce elements of uncertainty that remain relevant for investors monitoring developments. The upcoming unitholder vote and regulatory approvals will be key factors in determining the final outcome.

As the process unfolds, market participants are likely to focus on the completion of the Charlotte Street sale, confirmation of proceeds, and the execution of the broader Proposal, including delisting and capital distribution.