{"id":27454,"date":"2020-09-10T09:56:28","date_gmt":"2020-09-09T21:56:28","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=27454"},"modified":"2020-09-10T09:56:28","modified_gmt":"2020-09-09T21:56:28","slug":"the-agency-sells-off-wa-rent-roll-to-pay-down-debt","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/the-agency-sells-off-wa-rent-roll-to-pay-down-debt\/","title":{"rendered":"The Agency sells off WA rent roll to pay down debt"},"content":{"rendered":"

PHOTO: The Agency<\/strong><\/p>\n

Despite encouraging results in FY20 with its\u00a0first full-year EBITDA profit since listing<\/strong>, real estate group The Agency<\/a> (ASX: AU1) faces the cold reality of a\u00a0$12 million loan that is due to Macquarie Bank by the end of this month<\/strong>.<\/p>\n

A deal announced today is set to pay off 30 per cent of that sum following the $3.6 million sale of The Agency’s West Coast rent roll – comprising 1,173 managements – to Managex Funds Management.<\/p>\n

Managex was recently established by\u00a0Future Fund board member and Crown Perth chairman John Poynton and Emerald Capital managing director Kim Slatyer.<\/p>\n

The newly formed entity will licence The Agency<\/a> brand in Western Australia for the property management business and be based out of The Agency’s Perth office. The deal also includes a reciprocal referral agreement on sales and property management leads.<\/p>\n

The asset to be sold forms part of a total rent roll and loan book the company estimates is worth $27 million, generating\u00a0an annuity income in excess of $10 million per annum.<\/p>\n

After the sale, The Agency will still have\u00a03,665 properties under management as part of its\u00a0East Coast property management business.<\/p>\n

READ MORE VIA BUSINESS NEWS AUSTRALIA<\/a><\/p>\n

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