Glenmont looks West

THE focus is back on Perth for Glenmont Properties’ next prospectus, following the successful syndication of Darwin property Energy House.

Glenmont Properties managing director Simon Toovey said Energy House was the most rapidly subscribed prospectus ever for the company.

“It was fully subscribed in four days,” Mr Toovey said.

“The Glenmont database is now huge and investors are extremely comfortable with the level of service Glenmont offers.”

Most of the investors in Energy House were people who had previously invested with Glenmont Properties said Mr Toovey. Glenmont Properties will make an announcement about the new Perth property within the next few weeks and it is working on a couple of properties in Adelaide. It’s understood the property is not in Perth’s CBD.

“The Perth property is not something a lot of people will be immediately familiar with, but it’s something that will be quite well received, I believe,” Mr Toovey said. “We got so many people that missed out on Energy House that we have put them on a priority list for Perth.”

Glenmont Properties announced it was on the lookout for an eastern states takeover target to fulfil its strategy to become a national player and plans to float on the Australian Stock Exchange.

In February, when Glenmont made this announcement to the market, it said it wanted to acquire a syndication company with a portfolio worth up to $100 million.

This move comes ahead of the two-year schedule to list the company on the ASX.

The group currently has almost $200 million under management for 2000 investors in 15 projects.

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