Expanding property funds manager 360 Capital Group has snared the management of the small listed CVC Property Fund as its growth ambitions step up a gear.
The Tony Pitt-led group has struck a conditional deal that will see it take control of the fund, adding to its stable that already includes a listed industrial property fund.
The CVC fund held about $33 million of investment properties in Sydney at the end of June 2013 and recently sold a small development site in Belrose, NSW.
360 Capital said it would undertake a strategic review of the fund to determine how best to improve the fund's value.
Once the review has been completed, the pair will update the market on the outcomes. One course could see it relaunched as a diversified vehicle as 360 Capital is now focused on listing a separate office fund.
The Australian reported in December that 360 Capital had secured two Brisbane assets ahead of the float that vehicle, slated for later this month.
The group last month reworked the debt on its 360 Capital Office Fund which is expected to garner strong investor support.
The proposed float will be the first of the year in the office sector and once the trust completes its property acquisitions, it will have gross assets of about $235m and be geared at about 36 per cent. It is hoping to attract unit holders with the offer 8.5 per cent distributions.