SINGAPORE (Dec 3): The effort to wind up AIMS Property Securities Fund (APW) is causing its unit price to rise. Units in APW are up 11% this year compared with a 6% decline in the All Ordinaries Index and a 10% fall in the Straits Times Index. APW has a secondary listing in Singapore. It has also outperformed the ASX 300 A-REIT Index and the ASX 200 A-REIT Index, which are unchanged year-to-date. Since 2013, APW has significantly outperformed these indices (see Chart 1).

APW is a closed-end fund managed by a unit of AIMS Financial Group, which also owns the manager of AIMS AMP Capital Industrial REIT (AA REIT) and 17.88% of AA REIT. 

Of course, APW’s performance is also impacted by its own fundamentals. For the 12 months to June 30, 2018, its net asset value increased from A$93.1 million ($92.87 million) to A$105.8 million, while net tangible assets (NTA) per unit rose 13.4% to A$2.37. 

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