Over Fifty Group prepares to launch unlisted commercial property fund
Over Fifty Group (OFG) is preparing to launch the first in a new series of unlisted commercial property funds in the belief that property yields for long-term investments are moving back into fair value.
OFG chief executive John McBain said there was excellent support for those investments from advisers wanting to gain exposure to direct property and from their existing client base.
The company has reduced its corporate debt by $4.5 million in the last six months. It has also sold one of its properties for $15.8 million and secured an eight-year lease on another property.
The company hopes to reduce its debt by a further $9 million over the next six months, McBain said.
Recommended for you
JP Morgan Asset Management has appointed an ETF specialist from Vanguard as it seeks to expand its ETF range.
The alternative asset manager has expanded its Singapore office with a head of Asian distribution, representing a “critical step” for the Asian business, where it is seeking to launch new offerings.
Six Australasian sustainable funds closed in the last quarter, according to Morningstar, while 39 per cent of all strategies saw outflows during the period.
The bank and financial services firm has appointed its next CEO for Australia and New Zealand, while its previous chief for the region takes up a new position.
