This article is from the Australian Property Journal archive
BOUTIQUE unlisted funds manager Opus Capital has lifted revenue by 51% to $22.9 million in FY08 and net profit rose 2% to $5.14 million.
Chairman Tony Moody said the result was underpinned by a very successful year of equity-raising for its active property-based funds, with inflows from investors increasing from $72 million in 06/07 to $87.7 million in 07/08.
During the year, Opus Capital acquired around $311 million worth of property for its Opus Capital & Income Fund No. 21, Capital Growth Fund 1 and Development Fund 2.
Moody said five of the properties were acquired under the company’s proprietary pre-purchase structure, which enabled the company to secure assets at more competitive prices during construction phases, providing the potential for capital gain once leased.
Looking ahead, Moody said the company would continue with a progressive and yet conservative outlook.
“We operate wholly within the domestic Australian market seeking no exposure to offshore property. Debt funding is provided exclusively by a panel of domestic banks and our active interest rate risk management strategy focuses on the maintenance of distributions to investors.
“New opportunities will undoubtedly arise in the current climate and we are poised to take advantage of these to further boost the performance of our funds and to continue to grow value for Opus Capital Limited shareholders,” Moody concluded.
Australian Property Journal
