Aspen links with Financial Resources

PROPERTY company Aspen Group and commercial finance company Financial Resources have established a new, jointly owned fund offering investors fixed-interest style investments.

Aspen managing director Angelo Del Borello said the joint venture fitted well with the group’s plan to have multiple income streams.

“We anticipate that it will be a strong investment vehicle for our shareholders and that Aspen will be a cornerstone customer with many investment opportunities tied closely to our property portfolio,” he said.

Wyllie Group director Terry Salotti will chair the joint venture while Barry Samuels will be managing director of both the joint venture and Financial Resources.

Aspen Group aims to build up its property portfolio from $130 million presently to $300 million within the next two years.

Aspen’s latest property deal was the $28 million acquisition of six tourist parks from Fleetwood Corporation.

The six properties will be owned by Aspen Parks, an unlisted property trust, which plans to fund the acquisitions by raising $17.5 million in equity and $10.5 million in debt.