Australian Unity Investments (AUI) is seeking investor approval to convert five of its existing retail property syndicates and trusts into a single fund.The proposal, which was developed after intensive research and analysis, will create a $400 million Retail Property

Fund that would be one of Australia’s largest unlisted retail property funds, initially holding seven properties in New South Wales, Queensland, Western Australia and Victoria.

Mr Martin Hession, head of property at AUI, said that the proposal will be voted on by investors at meetings to be held at the end of November.