This article is from the Australian Property Journal archive
Mariner Financial has booked its highest profit result in the company’s three year history and the company is looking to the markets in Europe and Japan for more growth.
Yesterday, the Mariner reported a net profit after tax of $10.2 million for the year to June 2006.
Mariner Financial’s executive chairman Bill Ireland said the 2006 financial year was a very satisfying one for Mariner.
“We continued to invest in the core origination and retail distribution capabilities of Mariner to ensure the long term success of our business,” he added.
During the year, Mariner increased its assets under management to over $800 million with the launch of the Mariner Pipeline Income Trust; the MSS Moore Park Group, which comprises Mariner Property Trust No. 2 and MSS Moore Park Limited. The trust owns the former ACI glass factory at 813-851 South Dowling Street in Sydney, which is subject to a long term lease to MSS Moore Park Limited, the owner of a self storage business operated by Millers Self Storage. The gross asset value of this trust was $26 million at June 2006; Mariner American Property Income Trus, an ASX listed trust is a specialised owner of US commercial real estate and the Mariner Coastal Land Fund, which has a 55% interest in two established tourist resorts in Yamba, New South Wales.
In addition, Mariner also continued to invest in its asset origination capabilities. During the 2006 financial year, the company opened a small office in London from which to source European property for a proposed European property trust.
Ireland said discussions are also under way with a substantial partner to establish access to Japanese property assets for inclusion in a proposed listed trust.
“These initiatives complement Mariner’s existing property operations in the United States which support Mariner American Property Income Trust,” he added.
The company has announced a final dividend of 10 cents per share.
By Kathryn O’Meara