Sydney, July 25, 2007 AEST (ABN Newswire) - Two long-term business partners, Max Delmege, a successful property developer, manager and investor, and former rugby league international Ben Elias, an experienced property investor in his own right, are launching a new property fund - BMax Property Trust - to offer retail investors an opportunity to invest, with them, in a portfolio of commercial properties and developments in regional Australia and established cities.
The portfolio of properties will be managed by BMax Asset Management Limited.
Max Delmege, who draws on some 40 years' property experience, stated, "We see tremendous opportunities in Australia's regional areas. This category of property is now generating increased interest and we believe that BMax Property Trust will be able to offer competitive yields coupled with exciting growth prospects compared to other property sectors".
"To enable investors to tap into that growth, we are creating a stable and reliable vehicle that aims to provide robust returns to investors."
Elias has been purchasing properties since his first contract with the Balmain Tigers 25 years ago and has further developed his portfolio - within his partnership with Delmege - to become a significant player in regional commercial, industrial and retail property.
Delmege said that BMax's initial primary strategic focus will be on regional NSW/QLD and, especially, the fast-growing south-eastern corner of Queensland, an area in which Delmege and Elias have had significant success.
"We will be active asset managers of the fund portfolio, from the critical pre-acquisition stage to the on-going assessment and implementation of improvements and through to re-zoning, refurbishment and where appropriate development - all aimed at increasing the value for investors," said Max Delmege.
With offices across New South Wales and Queensland, BMax Asset Management is leveraging on the infrastructure of Max Delmege's Delmege Commercial Pty Ltd, which has built a diverse portfolio of well over $200m - and has also successfully established real estate (sales and management) agencies in two states.
Delmege added, "Both Ben and I will be the cornerstone investors in this fund and all our future property transactions will be done through this vehicle for the benefit of all investors. We will not be acquiring a property through our private vehicles unless the property does not meet the strict investment criteria of the BMax Property Trust".
Elias explained, "The property trust concept was a response to the numerous requests Max and I were getting from friends, family and associates to help them invest in property. We both cherish the old "one in all in" team philosophy and so decided that we would build a property fund where Max and I would sit right next to everyone else in sharing the potential risk and returns".
David Ratcliffe, Managing Partner of chartered accountants PKF said that, having acted for Ben Elias and Max Delmege for some time, he was excited about their new project.
Contact
Kylie Beaufoy
Hall Chadwick Marketing Communications
+61 2 9263 2661 - 0425 204 511
kbeaufoy@hallchadwick.com.au
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