In ENN’s Australian Stock Exchange announcement, chief executive Glenn Willis said funds under management grew 18 per cent to $2.44 billion due to several significant acquisitions for its funds.
These include an office tower in Cavill Avenue, Surfers Paradise, bought for $113.5 million and the $136.4 million purchase of Warrawong Plaza near Wollongong from Blackstone in early October.
Funds management income rose 35 per cent to $20.2 million over the period.
ENN now manages 15 funds across the office, retail, healthcare and accommodation sectors, two of them listed on the ASX. It paid an interim distribution of 9.05¢.
“Notwithstanding challenging market conditions in some of our investment sectors, we are pleased with the performance of our managed funds,” Mr Willis said.
“We anticipate a material improvement in the Group’s co-investments as the impact of COVID-19 restrictions abate.”
He added: “We have a strong pipeline of funds management and repositioning opportunities. The strength of this pipeline supports our target of $1 billion in funds under management growth per annum.
“Furthermore, we are actively pursuing strategic acquisition initiatives to achieve our growth objectives.“
Meanwhile, the Elanor Retail Property Fund reported that funds from operations, a key industry performance measure, fell 38 per cent to $4.1 million in the second half of 2021, recording a profit of $2.7 million.
The Elanor Commercial Property Fund, which owns offices, fared better with funds from operations growing 10.63 per cent, contributing to an increased profit of $18.6 million.
