Subiaco-headquartered property management firm Wentworth Mutual announced today the acquisition of three Western Australian property managers, contributing to the company's aim of managing over 6,000 WA properties by December.
The acquisitions, of Kenwick-based rental property management firm Cygnet Realty, South Perth's Marlow's Vision Equity Real Estate and Peter Fletcher Realty in Victoria Park, will add over 800 managed residential properties to the group's portfolio.
According to an announcement issued by the company today, all portfolios and staff will be incorporated into the existing Wentworth offices in Subiaco, Hillarys and Forest Lakes, where Mr Fletcher is to be appointed branch manager.
Earlier this month the company announced its acquisition of real estate group Century 21's Wilson Pride franchise, with offices in the Melbourne suburbs of St Kilda, Brighton and Carnegie, which the company hoped would give it immediate access to a market that was notoriously difficult to reach.
The company had previously announced that it was on track to achieve its projected earnings before interest tax depreciation and amortisation of $800,000 for the 2005-2006 financial year, and predicted an EBITDA of $6.6 million for 2006-2007.
