Over Fifty Group acquires property manager
Over Fifty Group (OFG) has acquired a 51 per cent interest in privately owned property funds management company Eclipse Property Group.
OFG announced to the Australian Securities Exchange today that it had acquired the 51 per cent stake for $4.8 million in cash and shares. The company’s chief executive, John McBain, said the acquisition would complement OFG’s existing property funds management business.
Eclipse specialises in providing unlisted property investment to high-net-worth investors and is managing a property portfolio valued in excess of $230 million comprised of 12 properties held in 11 trusts.
The acquisition increases OFG’s property funds under management to $930 million, and total funds under management to in excess of $2 billion.
AUTHOR
Mike Taylor
Recommended for you
With HNW investors representing the largest market for alternative assets, Praemium and CoreData research underscores why this presents a compelling opportunity for advisers.
Having completed the successful integration of Diverger, Count has upgraded its forecast for expected synergy benefits achieved by the acquisition by a third.
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.
