The primary purpose of the Rental Management Investment Trust (RMIT) is to invest in the Rental Management Australia Fund (RMA Fund). The RMA Fund is a residential property management specialist. The RMA Fund is an unlisted stapled investment comprising of the Rental Management Australia Group Ltd (RMA Group) and the Rental Management Australia Trust (RMA Trust).
The RMA Group has entered into a conditional sale agreement with the largest residential property management group in Australia, ASX listed Run Corp Ltd (ASX:RNC) (RUN) to purchase the RUN property management business. If the RMA Group completes the RUN acquisition and its other proposed contracted acquisitions, the combined group will be the largest residential property management group in Australia. It will represent approximately 1% of the Australian market share, have over 17,000 residential properties under management with 18 offices located in Victoria (6), NSW (7), Qld (2), WA (3) and will employ approximately 250 staff.
The principal business development service providers for the RMA Group are Heritage Rental Developments Ltd (HRD) and Acquest Corporate Pty Ltd. The RMA Group will achieve significant accounting reporting benefits by splitting the business development business (HRD and Acquest) from the property management business (RMA Group).