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CENTURIA CAPITAL GROUP — Capital/Financing Update 2006
Mar 28, 2006
64677_rns_2006-03-28_f62c2c03-77a4-4d37-b748-ba482514e186.pdf
Capital/Financing Update
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ASX/MEDIA RELEASE
29 March 2006
VIA ELECTRONIC LODGEMENT Australian Stock Exchange Company Announcements Platform
Expansion of OFM Direct Property Trust
Listed financial services company OFM Investment Group Limited (ASX:OFM) today announced that unitholders in its Direct Property Trust have voted in support of granting OFM Funds Management Limited authority to expand the Trust's portfolio.
The approval will enable OFM to acquire additional properties, issue further units and to have the flexibility to increase the Trust's gearing levels creating the opportunity for greater diversification of assets and increased vields.
"We are delighted by the high level of investor support of the expansion, as importantly, it indicates the confidence our investors have in OFM" said lain Giles, General Manager Products and Distribution.
"With a need to provide flexible investment vehicles, the Trust's expansion enables both our existing investors and new investors to benefit. The flexibility will allow us to add appropriate individual properties to the Trust."
Mr Chris Martin, OFM's Acting CEO said "This approval adds to OFM's growth strategy of building up its property funds management business."
OFM Direct Property Trust currently has a portfolio of three properties - two office buildings at 607 St Kilda Road, and 35 Spring Street, Melbourne, and an industrial warehouse at 28 Salta Drive. Altona North. It is anticipated that, on settlement, the recently announced acquisition of the property at 45 Grenfell Street, Adelaide, will be added to the Trust.
Earlier this year, OFM announced the establishment of another property trust, the OFM Resort and Leisure Trust and also received a positive three star rating from Standard & Poor for its Mortgage Income Trust.
For further enquiries please contact:
Mr lain Giles, General Manager - Products and Distribution, OFM Investment Group Limited 61(0)3 9616 6500
Media enquiries: Maureen Clifford, Financial & Corporate Relations 61(0)3 9629 3000/0407 517 427
Established in 1980, OFM Investment Group Limited is a listed financial services organisation providing a range of financial solutions to Australians to fund lifestyle and living needs. These financial products and services cover a range of investment, insurance, mortgages, and equity release products. www.ofmia.com.au