Wentworth Mutual Ltd's strategy to expand is gaining momentum with the listed property manager acquiring the property management business of Australian Finance Group Ltd.
The 300 properties acquired by Wentworth are primarily in Perth and will be serviced by its Subiaco office.
The strategic alliance with AFG will initially be in Perth, Brisbane and Melbourne, with other states to follow.
Wentworth executive director Kingsley Lamont said: "Whilst the acquisition of the AFG portfolio will impact positively on our property management business, we see a number of other benefits that will become apparent to our clients as a result of the relationship Wentworth has formed with AFG."
It is expected that Wentworth will seek to promote the services of AFG to its growing property management and management rights client base, and that AFG in turn, will offer Wentworth's property management services to its clients.
At the end of last year, Wentworth paid $26 million for management rights company Amrites, which has lodged a prospectus with ASIC to raise $14 million from the public.
Last month, Wentworth completed the acquisition of Pelican Cove Holiday Apartments and Pelican Sands Beach Resort, The Regent and Surfside on the Beach, all located in the Gold Coast, which gave the company seven of the eleven management rights acquisitions that formed part of its purchase of Amrites.
As has been previously revealed by WA Business News, Wentworth is moving its head office to Melbourne with former high flyer Glenn Wheeler taking a non-executive director and consultant role within the company.
Mr Wheeler has links to the collapse of Permanent Building Society in the early 1990's.
Last year, Wentworth made a loss of $2.5 million, the fourth straight year it has run a loss.
