Australian Unity Diversified Property Fund, an unlisted property fund that owns properties across Australia, diversified across convenience retail, office and industrial sectors, and Cromwell Direct Property Fund, a non-residential Australian property fund with a primary focus on commercial real estate, mutually terminated the AUD1.1bn merger. Since the announcement of the Proposed Merger, market conditions impacting commercial property investment have materially changed and, consequently, have increased uncertainty in relation to the Proposed Merger. Given these developments, the parties have determined that proceeding with the Proposed Merger is no longer in the best interests of the respective funds’ investors.