This article is from the Australian Property Journal archive
PELORUS Property Group is expanding its property funds management business and looking to list one of its unlisted trusts.
Managing director Stuart Brown said over the year, the company has remained profitable and not been forced to sell assets, with its prime asset, Bakehouse Quarter growing revenue.
And two of its existing property funds have provided attractive cash yields to investors, with the Pelorus Storage Fund paying 11.0% and Pelorus Penrith Fund paying 8.75%.
Brown said Pelorus’ strategy is to expand its funds management business.
Pelorus currently has $200 million in FUM.
“We are in the process of restructuring the pub fund. The first step has been to create a pub management business, Pelathon Management Group, a joint venture with Irish born publican Jaz Mooney.
“With a management structure in place we are now in the process of expanding the fund and expect it to grow from the current four pubs to seven by the end of this month with an eighth to be added in the New Year,” he added.
Brown also unveiled plans to list the Pelorus Property Trust on the Australian Securities Exchange by the end of the first quarter 2010.
The trust has a base of $22 million in assets and 270 unitholders.
“To conserve capital Pelorus did not pay a dividend in 2009 but we are optimistic about the prospects for the coming year and will consider the reintroduction of dividends for the December half,” he concluded.
Australian Property Journal
