The Vehicles

Listed Property Trust

A closed collective investment vehicle that owns a portfolio of real property, providing investors a wider exposure to different property. LPTs are quoted and traded on the stock exchange and their prices fluctuate with supply and demand in the market.

Unlisted Property Trust

A collective investment vehicle that owns a portfolio of real property, not listed on a stock exchange. An interest in the trust can be bought and sold directly with the trust's manager at prices typically determined in accordance with the net asset value of the trust. UPT can be widely held or privately held.

Companies

A company is a legal entity regulated by the Australian Corporations Act. Companies can take a number of different forms. In the property investment context, the type of companies most commonly used are:

1. A public company limited by shares where the shareholders' liability is limited to the dollar value of the fully paid up shares. The company may be listed on a stock exchange or unlisted;

2. A proprietary (private) company limited by shares where the shareholders' liability is limited to the dollar value of the fully paid-up shares, but the number of shareholders is limited to a small number, typically with restrictions on transfers of shares.