A seed acquisition of a major CBD hotel is expected before the end of the year, says MA Financial chief executive Julian Biggins.
ASX-listed fund manager MA Financial has kicked off plans to accumulate a $1 billion-plus portfolio of accommodation hotels, after recruiting former Toga chief investment officer Anthony O’Hea to source acquisition opportunities and take charge of the new asset class.through the $1.4 billion Redcape Hotel GroupInvesting in accommodation: MA Financial’s Julian Biggins , Jalee Chen and Anthony O’Hea at the A by Adina Hotel In Sydney.
“We’re exploring acquisitions to seed a fund. It could be a multi-asset fund or [a series] of single asset funds,” Mr Biggins said., including as a director of TFE Hotels, said the wave of new hotel completions over the past 12 months had been built on feasibility assumptions that have proved to be “drastically wrong”, including in finance and construction costs and end value on completion.
“We’re orientated to CBD locations. Assets that can deliver an outsized yield are investment gold. Sydney is the standout market, with Melbourne a bit behind that. Brisbane is having its time in the sun, but has been more volatile in the past,” Mr O’Hea said.secured so far this year, while also raising fresh equity for a new hotel vehicle.in April, which attracted significant interest from investors through its MA Marina Fund.
“As evidenced by the popularity of the Marina Fund, there is significant appetite from investors for strong yielding fund products based on high quality, defensive real assets.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Major bank to be sued for failing to respond to customers in financial crisisIt’s alleged the bank did not respond to financial hardship notices from hundreds of customers.
Read more »
Brisbane motorists given almost 170,000 parking fines totalling $30 million in past financial yearAbout 30,000 extra parking fines were issued to Brisbane motorists in the 2022–23 financial year as parking meters resumed regular operations following the floods and Covid-19 pandemic.
Read more »
China learns nothing from the financial crises of othersBeijing’s reluctance to bite the bullet on bad assets looks like an error that the whole global economy may pay for.
Read more »
Two rate increases from crisis but unable to afford financial adviceHigher mortgage payments and surprise twins have pushed the Mohamad family to financial breaking point, but they cannot afford financial advice.
Read more »
Westpac taken to court over alleged failure to respond to financial hardship noticesThe corporate regulator has alleged that between 2015 and 2022 Westpac didn't respond to financial hardship notices from 229 customers.
Read more »
Victorian AFL clubs raked in $40m from poker machines last financial yearCarlton, Essendon, Richmond and St Kilda continue to profit from pokies, drawing criticism from fans and gambling reform advocates
Read more »