The unlisted A$1bn-plus Investa Commercial Property Fund this week became the first among its peers to reopen redemptions -- for the next three weeks.

The cashed-up wholesale trust is planning to buy office buildings in the A$75-150m price range in the next six months.

ICPF, frozen since April last year because of the global financial crisis, will receive proceeds from the sale of its investment in the Martin Place Property Trust.

The single-asset Martin Place trust, a 10-year syndicate, has been wound up and has sold its stake in the building at 60 Martin Place, Sydney, to the Tieck Family for about $95m.

The transaction is due to be settled by the end of the month.

The Australian