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CENTURIA CAPITAL GROUP — Capital/Financing Update 2006
Jan 16, 2006
64677_rns_2006-01-16_b188b7b9-8266-45f9-9d40-261423806bb9.pdf
Capital/Financing Update
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ASX/MEDIA RELEASE
17 January 2006
VIA ELECTRONIC LODGEMENT Australian Stock Exchange Company Announcements Platform
OFM Announces Resort and Leisure Trust
Listed financial services company OFM Investment Group Limited (ASX:OFM) has made two key property acquisitions to create the base portfolio of the OFM Resort and Leisure Trust, an open-ended unlisted property trust focused on the resort and leisure sectors.
The two properties, Moonah Links and the Sands at Torquay, are premium golf resorts, located on the Mornington and Bellarine Peninsulas respectively.
The OFM Resort and Leisure Trust has been designed to create a continuous income stream, with income from both properties secured by 10 year leases from the Handbury Group. It is anticipated the Trust will be launched in early 2007 to coincide with the completion of the Sands Hotel at Torquay.
Rick Curtis, OFM's CEO, said "OFM is very pleased to have secured two key properties for our new property trust that will provide attractive secure returns to investors. We see the establishment of the Trust as a natural fit with OFM's over-fifties market $-$ aligning their interests with their investments by providing lifestyle opportunities."
"We are also delighted to establish a relationship with the Handbury Group and will continue to seek out opportunities in keeping with our strategic objectives," added Mr Curtis
The first property is situated at the Moonah Links golf resort at Rye in Victoria and comprises three golf lodges which will contain 36 luxury suites and conference facilities. The purchase price for the Moonah Links property is \$13.2 million, with settlement scheduled to occur in March 2006 following completion of development works. The lodges will be operated by Peppers as part of the existing golf club resort at Moonah Links.
The second property is the Sands Hotel at Torquay in Victoria, which will include 100 keys/rooms. The purchase price for the Torquay property will be \$16.9 million, with settlement scheduled for early 2007 following completion of the development by the Handbury Group. The Sands Hotel will be operated by Sebel.
They will form an integral part of the existing championship golf courses, residential subdivisions and resort and conference facilities at Moonah Links and the Sands. The two golf courses at Moonah Links were designed by Peter Thompson and hosted the last Australian Open golf championship. The Sands golf course was designed by Stuart Appleby.
For further enquiries please contact:
Mr Rick Curtis, Chief Executive Officer, OFM Investment Group Limited 61(0)3 9616 6594 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.ofmig.com.au