Publicly-listed financial services company, Sping FG has announced the establishment of a real estate asset management division at the same time as announcing its acquisition of the exclusive management rights at Devine Limited’s “Mode Apartments”.
The company issued an announcement this week saying that the new division, to be operated by its Spring FG Realty Pty Ltd subsidiary, would provide property asset management, letting agency and resale services to the company’s existing and new clients (and other investor-owners), as well as building management services to bodies corporate.
Commenting on the move, Spring FG managing director, Keith Cullen, said that with many of the company’s clients already holding residential investment property assets estimated in excess of $500 million, the physical management of real estate assets represented a natural extension of its investment advice and portfolio management services.
“In addition to enabling the company to provide clients with an end-to-end property advice and management services, the provision of physical asset management and letting services will provide stable recurring income that we expect to be a material contributor to revenue and profits into the future,” he said.
Cullen said the division’s initial focus would be inner-Brisbane with expansion to Sydney and Melbourne likely over time.
