In late 2020, a Unitholder meeting was held to approve a merger of the FSREC Fund Series, implemented via a scheme of arrangement and restructure (Merger). The Merger comprised a trust scheme of arrangement whereby Fund I acquired all of the Units in Fund IV from the Scheme Participants; and a restructure of each remaining Fund (being, Fund I, Fund II and Fund III) to form a stapled group  known as the “FSREC Property Fund”. The Funds were merged based on their respective net tangible assets (NTA) per Unit as at 30 June 2020. Further information in relation to the Scheme is contained via the hyperlinks below or on each Fund’s announcements page.