Listed property firm Aspen Group has struck a deal with commercial finance company Financial Resources Limited to create a joint venture firm – Aspen Financial Resources – to offer a range of debt products to investors.
The new entity will combine Aspen’s opportunistic investment ability and FRL’s debt management skills with the former assisting in the raising of capital and offering funds management expertise, while FRL will be responsible for all aspects of fixed interest management.
Aspen Group managing director Angelo Del Borrello says the joint venture represents a strategic entry into the debt market for his group and supplements the firm’s funds management income stream.
“We anticipate that it will be a strong investment avenue for our shareholders and that Aspen will be a cornerstone customer with many investment opportunities tied closely to our property portfolio,” Del Borrello says.
Meanwhile FRL managing director Barry Samuels says the joint venture is also an appropriate expansion of FRL’s existing operations.
“As with Aspen, the joint venture will provide further investment opportunities for FRL shareholders, and will fit comfortably with the board’s objective of diversifying its debt product range,” Samuels says.
