Diversified fund manager Centuria Capital has set aggressive growth plans to triple its property division's funds under management (FUM) to around $3 billion in the next two financial years.
"Property is going to be the growth area for us," Centuria chief executive John McBain said in Sydney yesterday.
Centuria Property Funds managed 29 unlisted trusts with a collective value of over $960 million and had strong access to capital and debt, he said.
"In this period our opportunities will come organically; our budget for just organic acquisitions is going to treble what it was in the past. We expect asset acquisitions of $200 million to $300 million a year," he said.
"It will also by fund manager acquisitions, and I think we have got to look at two areas that we haven't looked at in the past.
"We have never looked at wholesale mandate funds; we are going to be forced to now otherwise we are not going to get the growth trajectory we want. We are going to have to look at perhaps REITs (real estate investment trusts) but only where we can be a significant player."
McBain said the group also planned to grow its financial services business.
"On the financial services side you are going to see us concentrate on the sort of things that we could do under our APRA (Australian Prudential Regulation Authority) license that no-one else can do," he said.
"We're going to rebadge and relaunch our biggest Australian share fund as a tax effective Australian share fund with high imputation. So that's going to happen very shortly."
He said Centuria was also examining launching an income-replacement product.
Centuria Capital was previously known as the Over Fifty Group.
