Stanfield takes another property fund
Stanfield Funds Management Limited, the company that recently announced it had secured an option to acquire Australian Public Trustees, has today acquired Astrum Funds Management Limited.
Stanfield announced to the Australian Securities Exchange (ASX) that it paid $50,000 for Astrum, which it described as a property funds management business, the responsible entity for the Astrum Income Fund and the holder of an Australian Financial Services License.
Stanfield said it intended to rebrand and launch Astrum as a Stanfield fund, offering term investments backed by property mortgages. Stanfield added that it believed there was an opportunity in the current market to offer a low-risk term investment alternative.
The ASX announcement referenced Stanfield’s move on Australian Public Trustees, and said the company was continuing to negotiate with a number of other parties to also acquire their property funds management businesses.
AUTHOR
Mike Taylor
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