Hardship Claims

Hardship Claims for Centro Direct Property Fund (DPF) and Suspended Centro Direct Property Fund International (DPFI)

Centro MCS Manager Limited (Centro MCS) has received relief from the Australian Securities and Investments Commission (ASIC) to facilitate withdrawals from the following funds (for which it acts as Responsible Entity) to investors suffering from hardship:

(a) Centro Direct Property Fund ARSN 099 728 971; and

(b) Centro Direct Property Fund International ARSN 114 635 657
(the Funds)

Generally, hardship withdrawals will only be permitted based on the following circumstances:

Severe financial hardship
Compassionate grounds
Permanent incapacity

but only where there are sufficient remaining liquid assets for the day to day operation of the Funds. Any amount paid will be at the absolute discretion of the Funds.

Making a Hardship Claim

1. Direct Investors

An investor suffering from hardship must provide the following for the relevant fund:

Complete a statutory declaration setting out the grounds for making the application (based on one of the below-mentioned grounds).
Provide the required evidentiary proof to confirm the declaration (details are provided in the statutory declaration form).
Complete a withdrawal form for the relevant fund.

Click here to download a copy of the Hardship Statutory Declaration Form
Click here to download a Redemption/Withdrawal Request Form

Please forward documents to:

Investor Services
Level 3, Centro The Glen
235 Springvale Road
Glen Waverley VIC 3150

2. Indirect Investors

Where a person has invested indirectly through an entity such as a superannuation fund, master trust or wrap account (also referred to as an Investor Directed Portfolio Service or IDPS), please refer to the documentation and processes pertaining to the IDPS.

A superannuation fund, master trust or wrap account investor must comply with any obligations under the terms of the relevant trust or arrangement under which it acts and all other applicable laws.

A Hardship Application must be made on behalf of the person who is seeking a withdrawal. This is done by completing a Redemption/Withdrawal Request Form and attaching it to a Hardship Statutory Declaration Form, both of which should be completed by the individual experiencing the hardship.

Click here to download a copy of the Hardship Statutory Declaration Form
Click here to download a Redemption/Withdrawal Request Form

Grounds for Hardship

In determining whether investors qualify for release of funds on the grounds of suffering from hardship, the following criteria outlined by ASIC applies:

Severe financial hardship

The amount requested is needed to enable the investor to meet reasonable and immediate living expenses for themselves or their dependants.

For a severe financial hardship claim, the investor has no other assets or means by which to reasonably, in the foreseeable future, pay for the expenses associated with the basic necessities of everyday living including applying for financial hardship through the investor’s superannuation fund and applying to Centrelink for assistance. An investor must provide evidence that they have been in receipt of Commonwealth Income Support payments for a minimum continuous period of 26 or 39 weeks dependent upon age.

Compassionate grounds

The amount requested is needed by the investor or their dependent to:

(a) Help pay for medical costs (and transport costs) required to treat a life-threatening illness or injury, to alleviate acute or chronic pain, or to alleviate an acute or chronic mental disturbance where two registered medical practitioners (at least one of whom must be a specialist) have provided certified statements confirming the medical condition to this effect.

(b) Assist with funeral and other expenses related to the death of an investor or their dependent.

(d) Fund specific renovations or modifications (to a residence or vehicle) that are necessary to accommodate special needs arising from a severe disability.

(e) Prevent an investor’s mortgage lender from selling the member’s principal place of residence.

(f) To meet expenses in other cases consistent with grounds mentioned in (a)-(e);

Permanent incapacity

Where an investor has ceased gainful employment by reason of mental or physical ill-health and Centro MCS is satisfied that the member is unlikely ever again to engage in gainful employment of the type for which the investor is reasonably qualified by education, training or experience.