Aspen Group

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The Agency has been appointed the property management provider for the ASX-listed accomodation provider Aspen Group's new investment portfolio.
Aspen Group has invested in 84 properties worth $20 million which will be managed by The Agency.
It will lift The Agency's Perth portfolio from 1,025 to 1,109, taking the national property management portfolio to 4,671.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/7/Ellebrook.jpg" alt=""> Ellenbrook aerial
From January, the Perth rent roll has grown 34 per cent from 827 to 1,109 managements.
It was a significant driver in The Agency's national rent roll, which grew 10 per cent.
“We are very excited to embark on this important relationship with Aspen Group, who are not only major players in the accommodation market in Perth, but across the nation.” Paul Niardone, managing director of The Agency, says. 
“As a national real estate business, The Agency’s relationship with Aspen Group began through our east coast operation and we are looking forward to our joint trajectory.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/7/Port%20Kennedy%20Aerial.jpg" alt=""> Port Kennedy aerial
 
"This engagement shows a major vote of confidence in our award-winning property management team, who consistently achieve above-industry results in terms of vacancy and churn rates.”
John Carter, CEO of Aspen Group, said they look forward to working with The Agency.
"The Agency provided the best total proposal for our management and reporting requirements and we look forward to working together to provide best-in-class product and service to our residents,” Carter said.
The new accommodation portfolio purchased by Aspen Group is located in Perth’s metropolitan growth corridors, including in the City of Rockingham and City of Swan with the aim of providing competitively priced, long-term housing to families.  
 
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The Agency appointed managing agents for Aspen Group's Perth portfolio

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Aspen Group has released its financial results for the year ended 30 June 2019, revealing an underlying profit of $4.96 million for FY19.
The results show a statutory loss of $7.92 million for FY19. After adjusting for asset devaluations, transaction costs and other non-underlying items, Aspen Group achieved an underlying profit of $4.96 million, an increase of 4% on FY18, and an underlying profit per security of 5.15 cents, up 8% on 2018. Net Asset Value per security was $1.13, while distributions per security are up 19% to 5.00 cents. Underlying EBITDA was $5.89 million, an increase of 16% on FY18.
Acquisition of Highway 1 Tourist Park in Adelaide, as well as the addition of new manufactured housing inventory at Four Lanterns Estate, are the key reasons behind an increase in the value of Aspen Group’s portfolio by 20% in FY19 to $128.04 million.
Also owing mainly to acquisitions, total property net operating income was $11.23 million, an increase of 21% over FY18. Operating margin was 47% in FY19, slightly lower than the 49% achieved in FY18, partly due to the acquisition of the relatively low margin Darwin FreeSpirit Resort in FY18.
“We’ve seen a general weakening of conditions in the markets in which Aspen operates over the past year. There is good growth in tourism demand, however total accommodation supply has increased materially, leading to a decline in both occupancy and room rates.” Aspen Group Joint CEO David Dixon commented.
“We believe Australia has solid long-term demand dynamics but has overcapacity in the short term. This creates opportunities for Aspen.” Dixon continued.
“Australia’s residential market is worth over $6.5 trillion and there is significant unsatisfied demand for suitable accommodation at below median prices and rents. The Aspen Group management team are buoyed by the potential of this market, planned developments and a focus on new residential options within its businesses. The two Lindfield Apartment blocks are a good example of the opportunities that exist in the residential market.” added Aspen Group Joint CEO John Carter.
“There are ample opportunities to increase returns from Aspen’s properties through more intensive management and by deploying capital across cost saving initiatives, refurbishment and development.” Dixon concluded.
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