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Wentworth raises $20m capital

Subiaco-based property asset manager Wentworth Mutual Ltd has raised $20 million capital, mainly to reduce borrowings against conditionally secured property purchases that are yet to settle. About $12 million of the funding had been allocated to rent roll and property management acquisitions, reflecting Wentworth’s position as one of the biggest residential property managers in the country with about 3000 properties on its rent roll. The acquisition of “ancillary” businesses in fields such as travel and insurance is a strategy being considered by the company. Wentworth announced a self imposed trading halt late last week ahead of the announcement. The group has been in a position to announce some good news last week, revising its earnings projections to a $800,000 profit, from a previously stated break-even point. The forecast profit follows a long series of losses. In January, the company has also stated it planned to move its headquarters to Melbourne and that then managing director Glenn Wheeler, a former high flyer from the 1980s, would step down from an executive role with the business after quietly building it up over the past few years.

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