News and Announcements
DomaCom (ASX: DCL) Appoints Melbourne Securities Corporation Limited as New Trustee
- Published October 16, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- DomaCom is to unveil the lending option for its sub-funds.
- DomaCom is implementing the needed legal infrastructure to generate a mechanism for holding the debt through the company’s sub-funds.
- DomaCom will provide investors with the power to invest in the sub-funds which will lend the capital to the property sub-funds.
DomaCom, a fractional property investment company, is in the last stages of implementing the needed legal infrastructure to generate a mechanism for holding the debt by the company’s sub-funds.
This move will expedite the production of a variety of new products, allowing DomaCom to produce growth outcomes through the leveraging of residential property. The company has appointed Melbourne Securities Corporation Limited (MSC) to serve as the new Trustee Entity for the DomaCom fund to accelerate this. This move is aimed at responding to the investors’ feedback.
To request approval regarding the appointment of MSC, a unitholders meeting in the DomaCom Fund will be summoned. The current DomaCom Fund RE will proceed to act as a Custodian.
Arthur Naoumidis, DomaCom CEO, stated that they believe that that will act as a major driver of future growth provided the strong preference from investors and advisors to include debt when investing in property, especially offered the tax efficiencies. He added that a majority of property investors improve their investment growth returns through the use of leverage which they expect to grow the present portfolio of properties substantially from the present 47 that have been bought with full equity.
Moving to MSC will allow the company to own debt in the property sub-funds. This was not possible 2 years ago. DomaCom will be able to provide investors with the power to invest in the sub-funds. The investors are expected to receive 5.06% together with a low LVR not exceeding 50% and the security of the first registered mortgage.
Perpetual Trust Services Limited is expected to retire as RE at a vote of unitholders which is expected to be conducted near the end of October 2017.
By the end of calendar 2017, DomaCom is expected to unveil the lending option for its sub-funds.
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