Port Bouvard dives into funds management

29/05/2009 - 14:59

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Port Bouvard is the latest property developer to branch out into funds management after receiving a financial services license by the Australian Securities and Investment Commission.

Port Bouvard dives into funds management

Port Bouvard is the latest property developer to branch out into funds management after receiving a financial services license by the Australian Securities and Investment Commission.

Port Bouvard joins other Perth property developers Peet and Aspen Group.

 

The announcement is below:

 

Leading WA property developer ASX-listed Port Bouvard Limited (ASX: PBD) ("the Company") is pleased to announce it's wholly owned subsidiary Port Bouvard Funds Management Limited has been granted Australian Financial Services License (AFSL) No. 334051 by the Australian Securities and Investments Commission (ASIC).

In accordance with the Company's strategic focus and stated asset realisation strategy, the license enables the pursuit of syndicated property investment offerings to both wholesale and retail investors.

Port Bouvard Limited's asset realisation strategy includes focusing on non-core asset disposals as evidenced by recent sales of the Port Bouvard Marina and the Company's Dawesville landholding at 105 Old Coast Road. In parallel, the Company is preparing for a proposed future co-investment offering over its core flagship project at Point Grey. The launch of a proposed offering will be in accordance with market conditions and target select institutional investors, with Port Bouvard Limited maintaining a cornerstone investment and providing all project management, sales, marketing and financial management services.

Joint Chief Executive Matt Perrott stated "The license is another step in the Company's asset realisation strategy which is designed to maximise shareholder value in Port Bouvard Limited."

The Company continues in discussions with interested parties over its remaining non-core assets and has commenced preliminary investigations with potential co-investment partners in Point Grey.

 

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