diff --git a/src/AddIns/Misc/PackageManagement/Project/Src/ProcessPackageAction.cs b/src/AddIns/Misc/PackageManagement/Project/Src/ProcessPackageAction.cs
index 1dad24b1f7..a94979e396 100644
--- a/src/AddIns/Misc/PackageManagement/Project/Src/ProcessPackageAction.cs
+++ b/src/AddIns/Misc/PackageManagement/Project/Src/ProcessPackageAction.cs
@@ -45,7 +45,12 @@ namespace ICSharpCode.PackageManagement
 		public bool AllowPrereleaseVersions { get; set; }
 		
 		public FrameworkName ProjectTargetFramework {
-			get { return Project.TargetFramework; }
+			get {
+				if (Project != null) {
+					return Project.TargetFramework;
+				}
+				return null;
+			}
 		}
 		
 		public virtual bool HasPackageScriptsToRun()
diff --git a/src/AddIns/Misc/PackageManagement/Project/Src/Scripting/MSBuildProjectPropertiesMerger.cs b/src/AddIns/Misc/PackageManagement/Project/Src/Scripting/MSBuildProjectPropertiesMerger.cs
index 07cba71416..e970e6adeb 100644
--- a/src/AddIns/Misc/PackageManagement/Project/Src/Scripting/MSBuildProjectPropertiesMerger.cs
+++ b/src/AddIns/Misc/PackageManagement/Project/Src/Scripting/MSBuildProjectPropertiesMerger.cs
@@ -93,7 +93,7 @@ namespace ICSharpCode.PackageManagement.Scripting
 		
 		void SetPropertyInSharpDevelopProject(ProjectPropertyElement msbuildProjectProperty)
 		{
-			sharpDevelopProject.SetProperty(msbuildProjectProperty.Name, msbuildProjectProperty.Value);
+			sharpDevelopProject.SetProperty(msbuildProjectProperty.Name, msbuildProjectProperty.Value, treatPropertyValueAsLiteral: false);
 		}
 		
 		bool HasMSBuildProjectPropertyBeenUpdated(ProjectPropertyElement msbuildProjectProperty, ProjectPropertyElement sharpDevelopProjectProperty)
diff --git a/src/AddIns/Misc/PackageManagement/RequiredLibraries/Microsoft.Web.XmlTransform.dll b/src/AddIns/Misc/PackageManagement/RequiredLibraries/Microsoft.Web.XmlTransform.dll
index d6fb3c1bf3..c94ef79caa 100644
Binary files a/src/AddIns/Misc/PackageManagement/RequiredLibraries/Microsoft.Web.XmlTransform.dll and b/src/AddIns/Misc/PackageManagement/RequiredLibraries/Microsoft.Web.XmlTransform.dll differ
diff --git a/src/AddIns/Misc/PackageManagement/RequiredLibraries/NuGet.Console.Types.dll b/src/AddIns/Misc/PackageManagement/RequiredLibraries/NuGet.Console.Types.dll
index 7cdc512dc5..f3d952792b 100644
Binary files a/src/AddIns/Misc/PackageManagement/RequiredLibraries/NuGet.Console.Types.dll and b/src/AddIns/Misc/PackageManagement/RequiredLibraries/NuGet.Console.Types.dll differ
diff --git a/src/AddIns/Misc/PackageManagement/RequiredLibraries/NuGet.Core.dll b/src/AddIns/Misc/PackageManagement/RequiredLibraries/NuGet.Core.dll
index da3a305ee1..b8649b3e7f 100644
Binary files a/src/AddIns/Misc/PackageManagement/RequiredLibraries/NuGet.Core.dll and b/src/AddIns/Misc/PackageManagement/RequiredLibraries/NuGet.Core.dll differ
diff --git a/src/AddIns/Misc/PackageManagement/RequiredLibraries/NuGet.exe b/src/AddIns/Misc/PackageManagement/RequiredLibraries/NuGet.exe
index 324daa842c..25e84bd78c 100644
Binary files a/src/AddIns/Misc/PackageManagement/RequiredLibraries/NuGet.exe and b/src/AddIns/Misc/PackageManagement/RequiredLibraries/NuGet.exe differ
diff --git a/src/AddIns/Misc/PackageManagement/Test/Src/ProcessPackageActionTests.cs b/src/AddIns/Misc/PackageManagement/Test/Src/ProcessPackageActionTests.cs
index ffef5bc7b7..dde4860024 100644
--- a/src/AddIns/Misc/PackageManagement/Test/Src/ProcessPackageActionTests.cs
+++ b/src/AddIns/Misc/PackageManagement/Test/Src/ProcessPackageActionTests.cs
@@ -183,5 +183,15 @@ namespace PackageManagement.Tests
 			
 			Assert.AreEqual(expectedTargetFramework, targetFramework);
 		}
+		
+		[Test]
+		public void ProjectTargetFramework_NullProject_ReturnsNull()
+		{
+			var installAction = new InstallPackageAction(null, new FakePackageManagementEvents());
+			
+			FrameworkName targetFramework = installAction.ProjectTargetFramework;
+			
+			Assert.IsNull(targetFramework);
+		}
 	}
 }
diff --git a/src/AddIns/Misc/PackageManagement/Test/Src/Scripting/MSBuildProjectPropertiesMergerTests.cs b/src/AddIns/Misc/PackageManagement/Test/Src/Scripting/MSBuildProjectPropertiesMergerTests.cs
index 3989986081..f9fe8ba509 100644
--- a/src/AddIns/Misc/PackageManagement/Test/Src/Scripting/MSBuildProjectPropertiesMergerTests.cs
+++ b/src/AddIns/Misc/PackageManagement/Test/Src/Scripting/MSBuildProjectPropertiesMergerTests.cs
@@ -260,5 +260,17 @@ namespace PackageManagement.Tests.Scripting
 			
 			Assert.IsFalse(propertiesMerger.Result.AnyPropertiesChanged());
 		}
+		
+		[Test]
+		public void Merge_MSBuildProjectHasNewPropertyAddedWithEncodableCharacters_PropertyAddedToSharpDevelopProjectWithoutEncodingCharacters()
+		{
+			var propertyGroup = msbuildProject.Xml.AddPropertyGroup();
+			propertyGroup.SetProperty("Test", "$(Value)");
+			
+			Merge();
+			
+			string value = sharpDevelopProject.GetUnevalatedProperty("Test");
+			Assert.AreEqual("$(Value)", value);
+		}
 	}
 }