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
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
New Zealand’s financial regulator is following the footsteps of its Tasman neighbours and proposing to conduct a review on improving the accessibility of financial advice and advice business models.
