DomaCom has announced it completed its first fractional property acquisition transaction through a managed accounts provider.
In a statement yesterday, DomaCom said it has completed its first transaction for Sydney-based advice firm Benwest Investment Services through managedaccounts.com.au.
“We are very pleased to have proven how the fractional property model can work in a managed account structure. Managedaccounts.com.au is a mainstream provider and the first to offer real property within a managed account structure within Australia,” said DomaCom chief executive Arthur Naoumidis.
“Ostensibly, we will be able to introduce managedaccounts.com.au to the 41 AFSLs who have put the DomaCom Fund on their APL and to a similar number who have DomaCom on their radar to use. Nowhere else can financial advisers access bits of residential, rural or commercial property of their choice either in a managed account or on a traditional platform.”
Managedaccounts.com.au chief executive David Heather said, “Enabling DomaCom’s capability within our offer has satisfied increased demand for the inclusion of direct property exposure from a number of our advisory firm clients, particularly those working with SMSFs.
“Until the DomaCom model, direct property was something that had to be implemented external to the managed account solution and as a whole asset purchase, which invariably involved debt. The combination of DomaCom and managedaccounts.com.au enables the paperless acquisition of direct property, no different to any other asset in a managed account.”
Benwest managing director Tony Bennett noted that, “With the A-REIT sector trading at stretched valuations, it makes eminent sense to have a spread of non-listed residential real estate in our portfolios to provide our clients with exposure to property without the risk of the A-REIT sector.”
The ifa Excellence Awards are back in 2021 and nominations are now open! This prestigious accolade recognises exceptional professionals within the financial advice industry, shining a light on the outstanding achievements from the nation's best and brightest. If this sounds like you or someone you know, then nominate today for the ifa Excellence Awards 2021!
The latest ASIC estimated industry funding levy proves that the current formula is “not equitable or sustainable” according to FPA. ...
An industry body says it is in favour of a change in government as the Coalition have “unfairly targeted” financial advisers. ...
The corporate regulator's cost recovery implementation statement for the 2021 financial year indicates the costs allocated by ASIC to the advice secto...