The RAM Essential Services Property Fund (ASX: REP) is pleased to announce the successful sale of three assets from its portfolio. All three assets, The Hub Westlake, Windaroo Village Shopping Centre, and Northlakes Shopping Centre, were sold at or above book value for a gross total value of $32 million. All transactions were with private investors.
RAM’s Executive Director and Head of Real Estate, Matthew Strotton, said the success of the transactions underscores the resilience of essential retail assets despite interest rate pressures and reflects the ability for RAM to continue with its capital recycling strategy in a challenging capital markets environment.
“We consistently make prudent and proactive portfolio and capital management decisions for REP. The ability to sell all three assets at attractive pricing in these market conditions underscores our capability.” Strotton remarked.
Strotton added RAM is fully prepared to move nimbly on growth opportunities as they emerge and is confident about the progression of its 2024 agenda which was flagged to REP’s investors during recent roadshows.
Management Appointments
RAM is pleased to announce the addition of three management personnel for REP to better position itself for strategic growth and robust operational and capital management initiatives.
Finance and property industry veteran Peter Granato — formerly CFO at a prominent and diverse private property group — has been appointed as REP’s Fund Manager and will work alongside Doug Rapson and the rest of the team.
“It has been a long search to find the right individual for the role of REP’s Fund Manager and we are delighted to have Peter join us,” Strotton commented. “His extensive executive leadership experience, advanced financial acumen, and proven track record across diverse sectors will bring a wealth of strategic expertise to the team.”
This comes after RAM also announced that in July, the former Head of Alternatives at State Street, David Grose, was named the Chief Financial Officer of RAM Group. He brings over 20 years of experience running finance and operations teams in Asset Management. David will steer the finance function for the RAM Real Estate Group.
In August, Chang Liu also joined the RAM Real Estate team as an Associate Director and Head of Fund Analytics. Before joining RAM, Chang was with the Queensland Investment Corporation, holding positions in Capital Transactions.
“The addition of Peter, David, and Chang has further strengthened the RAM Group and the REP real estate team and continues to demonstrate our commitment to building our teams in active capital and asset management. We continue to position for growth across the RAM Group and ensuring we provide consistent and superior outcomes for investors.” Strotton concluded.