Waltus Property Investments, the group resulting from the merger of 27 property syndicates last year, has changed its name to Urbus Properties Limited.
The re-branding is a deliberate move by the directors to signal to the market that Urbus is a new property company with very different characteristics to the original individual syndicates, the company says in a statement.
"Urbus is a separate business entity," chairman Denis Thom says. "The strength of the new company lies in its diverse property portfolio which the directors actively manage to provide attractive and reliable income returns for our investors," he says.
The portfolio is valued at around $229 million. Urbus will retain the services of Waltus Management.
Separation assured
"Retail broking and Investment Management operate as two separate businesses, and neither has any access to the other's client base," investment services group manager James Turnbull says.
"The extent to which we are able to achieve success in this regard is evidenced by the fact that Macquarie in Australia is a very substantial retail broker and at the same time provides cash management services to a significant number of other retail stockbrokers."
He says the Australian operations of the group prove that it can maintain a very real separation between the two businesses.
OM-IP offer extended
The latest OM-IP 220 capital guaranteed investment series has been extended due to the record demand, the directors says.
They have passed a resolution, and Westpac has agreed, to accept over subscriptions of up to A$150 million.
The offer has proved popular with investors because of the capital guarantee and the ability of the OM-IP 220 funds to record positive returns during the last three stockmarket corrections.
Australian research house van Eyk Research has written a report favouring the offer.
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