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.”
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 18 Aug 2017ASIC permanently bans former AMP adviserBy Staff Reporter
- 18 Aug 2017IRESS announces first half resultsBy Jessica Yun
- 18 Aug 2017Banks the key to closing advice gap, Tria saysBy Larissa Waterson
- 18 Aug 2017Adviser ethics certification launchedBy Staff Reporter
- 18 Aug 2017Banks evade FOFA, industry funds claimBy Larissa Waterson
- 16 Aug 2017UBS appoints head of wholesale distributionBy Staff Reporter
- view all