WENTWORTH Mutual Ltd’s expansion strategy 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. “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,” Wentworth executive director Kingsley Lamont said.Wentworth is expected to seek to promote the services of AFG to its growing property management and management rights client base. AFG, in turn, is tipped to 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.
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