Melbourne-based investment property manager Wentworth Holdings Ltd has completed a capital raising of over $12 million, to complete contracted acquisitions, budgeted for but as yet unannounced.
This week the company also announced the purchase of the real estate and property management operations of L J Hooker Cheltenham in Victoria, an addition to its existing Victorian locations in Brighton, St Kilda, Bentleigh and Carnegie.
Wentworth previously raised $20 million in March this year, to reduce borrowings against conditionally secured property purchases that are yet to settle.
The company announced a revision to its forecast earnings before interest, tax and depreciation from $6.6 million to $9 million for the 2006-2007 financial year.
The increase, of 36 per cent, follows Board approval of a number of proposed acquisitions and their forecast returns. The company also anticipates paying a dividend for the 06/07 financial year.
Wentworth announced in late July 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. The company now manages 8,000 properties across Australia.
