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This Target Market Determination (TMD) is required under section 994B of the Corporations Act 2001 (Cth) (the Act). It sets out the class of consumers for whom the product, including its key attributes, would likely be consistent with their likely objectives, financial situation and needs. In addition, the TMD outlines the triggers to review the target market and certain other information. It forms part of the Issuer’s design and distribution arrangements for the product. This document is not a product disclosure statement and is not a summary of the product features or terms of the product.
This document does not take into account any person’s individual objectives, financial situation or needs. Persons interested in acquiring this product should carefully read the Product Disclosure Statement (PDS) for the Fund before making a decision whether to buy this product.
Important terms used in this TMD are defined in the TMD Definitions which supplement this document. Capitalised terms have the meaning given to them in the product’s PDS, unless otherwise defined. The PDS can be obtained at https://centuria.com.au/diversified-property-fund/request-a-pds/ or by contacting the Issuer on +61 2 8923 8923 or at email@example.com.
This product is likely to be appropriate for a consumer seeking Capital Growth and Income Distribution to be used as a Satellite / small allocation or a core component not exceeding 50% allocation within a portfolio where the consumer has a Long investment timeframe, Medium risk/return profile and needs limited access to capital.
|Issuer||Centuria Property Funds Limited|
|Issuer ABN||11 086 553 639|
|Issuer AFSL||231 149|
|Fund||Centuria Diversified Property Fund—Ordinary Units|
|ARSN||611 510 699|
|Date TMD approved||5 October 2021|
This part is required under section 994B(5)(b) of the Act.
The Consumer Attributes for which the product is likely to be appropriate have been assessed using a red/amber/green rating methodology with appropriate colour coding:
|In target market||Potentially in target market||Not considered in target market|
In the tables below, Column 1, Consumer Attributes, indicates a description of the likely objectives, financial situation and needs of the class of consumers that are considering this product. Column 2, TMD indicator, indicates whether a consumer meeting the attribute in column 1 is likely to be in the target market for this product.
Generally, a consumer is unlikely to be in the target market for the product if:
A consumer (or class of consumer) may intend to hold a product as part of a diversified portfolio (typically with an intended product use of satellite/small allocation or core component). In such circumstances, the product should be assessed against the consumer’s attributes for the relevant portion of the portfolio, rather than the consumer’s portfolio as a whole. For example, a consumer may seek to construct a conservative portfolio with a satellite/small allocation to growth assets. In this case, it may be likely that a product with a High or Very High risk/return profile is consistent with the consumer’s objectives for that allocation notwithstanding that the risk/return profile of the consumer as a whole is Low or Medium. In making this assessment, distributors should consider all features of a product (including its key attributes).
|Consumer Attributes (A description of the likely objectives, financial situation and needs of the class of consumers in the target market)||TMD Indicator||Product description including key attributes (A description of the product, including its key attributes, i.e. product terms, features and attributes that affect the TMD)|
|Consumer’s investment objective|
|Consumer’s intended product use (% of Investable Assets)|
*Where the Fund is to form a core component of a portfolio it should generally not exceed 50% of the investor’s Investable Assets.
|Core Component (25-75%*)||Amber|
|Satellite/small allocation (<25%)||Green|
|Consumer’s investment timeframe|
|Short (≤ 2 years)||Red|
|Medium (> 2 years)||Red|
|Long (> 5 years)||Green|
|Consumer’s Risk (ability to bear loss) and Return profile|
|Consumer’s need to withdraw money|
|Annually or longer||Green|
Note: This section is required under RG 274.64–66.
The Issuer has assessed the product and formed the view that the product, including its key attributes, is likely to be consistent with the likely objectives, financial situation and needs of consumers in the target market as described above, as the features of this product in Column 3 of the table above are likely to be suitable for consumers with the attributes identified with a green TMD Indicator in Column 2.
|Requirement s 994B(8)||Explanation|
|Target market and Product|
|The Issuer considers that the Fund, including its key attributes, is likely to be consistent with the likely objectives, financial situation and needs of investors in the target market on the basis of:|
|Target market and distribution conditions and restrictions|
|The Issuer considers that the distribution conditions will make it more likely that the investors who acquire units in the Fund are in the target market on the basis of:|
This part is required under section 994B(5)(c) of the Act.
|Distribution channel||Distribution condition and rationale|
|Other authorised representatives|
This part is required under section 994B(5)(d) of the Act.
This part is required under section 994B(5)(e) and (f) of the Act.
|Review period||Maximum period for review|
|Initial review||By 5 October 2022|
|Subsequent review||At least once every year since the date of the last review of the TMD (for whatever reason).|
This part is required under section 994B(5)(g) and (h) of the Act.
|Reporting requirement||Reporting period||Which distributors this requirement applies to|
|Complaints (as defined in section 994A(1) of the Act relating to the product design, product availability and distribution. The distributor should provide all the content of the complaint, having regard to privacy.||Within 10 business days following end of calendar quarter.||All distributors|
|Significant dealing outside of target market, under s994F(6) of the Act.|
See Definitions for further detail.
|As soon as practicable but no later than 10 business days after distributor becomes aware of the significant dealing.||All distributors|
|To the extent a distributor is aware, dealings outside the target market, including reason why acquisition is outside of target market, and whether acquisition occurred under personal advice.||Within 10 business days following end of calendar quarter.||All distributors|
If practicable, distributors should adopt the FSC data standards for reporting to the Issuer. The reporting templates are available on the DDO resource page of our secure Adviser site (registration required).