SMSF admin solution partners in Kidman Station crowd-funding

DomaCom's crowd-funding bid for the Kidman Station has been strengthened through a partnership with cloud-based self-managed superannuation fund (SMSF) administration solution, BGL Corporate Solutions.

Through the partnership, BGL clients will be notified about the opportunity to back the purchase of the pastoral business, which is made up of 101,000 square kilometres in the Northern Territory, Queensland and Western Australia.

DomaCom chief executive, Arthur Naumidis, said the bid was a "long-shot", but the arrangement with BGL, that will also see online peer-to-peer investment community, SelfWealth, join the campaign, gave hope that it will succeed in raising funds to buy the properties which are valued at $360 million.

Related News: Adviser knowledge critical to successful risk claims

"This is a great example of innovative businesses co-operating in the financial services industry," Naoumidis said.

"Coming into the Kidman bidding six months late means a successful bid is a long shot, but with partners such as BGL and SelfWealth believing in our model and helping to promote it we may actually succeed. If we do it will be the world's largest successful crowd-funding campaign, quite fitting for the world's largest cattle property."

DomaCom has reported that almost 4,000 investors have expressed interest in backing the bid, pledging $55 million to secure the property.

The firm added that there was a clear appetite for rural property, with many investors expressing their support for other agricultural acquisitions if the Kidman bid did not succeed.

Related Content

SMSF Association appoint new manager

Former ING Australia, ANZ and AMP employee, Craig Jamieson, has been appointed to the Sydney-based role of general manager, corporate development with...more

GBST reports earnings drop amid challenges

Financial services technology firm, GBST, reported a drop in earnings before interest, taxes, depreciation, and amortisation (EBITDA), total revenue a...more

Wilson HTM rebrands, restructures and hires new division heads

Investment advice, research and financial services company, Wilson HTM, has rebranded to Wilsons, and appointed 14 new senior staff, including three d...more



Add new comment