Primewest Property
Primewest Property. Photo – Primewest ASX release.
  • Property developer and fund has grown 'AUM' by 9% in a year
  • Half its 'assets under management' are in Western Australia
  • Previous guidance of 5 cents a share has been confirmed

In their half-yearly results released on Friday, ASX-listed property developer Primewest (ASX: PWG) announced an 8.9% increase in assets under management (AUM) to more than $4.9 billion.

Established in 1995, Primewest operates in the retail, industrial, commercial, residential, large format retail and agricultural property sectors. They listed on the ASX in November 2019 with a market capitalisation of $350 million at the time. Market cap now (share price $1.32) is over $520 million.

Based in Perth, the company has just over half its assets in Western Australia.

Fund management revenues increased 9% year on year, with an unaudited cash balance of $26.5 million, and no debt.

“Primewest has continued to deliver on its strategy over 1H21, with consistent growth in assets under management (“AUM”) following a period of high transaction activity,” said Primewest Chair John Bond in a statement.

In particular, we achieved a number of milestones during the past six months including the expansion of our institutional daily needs mandate to over $930 million and launch of Primewest Bespoke which currently manages $170 million in assets.”

The company also confirmed its previous guidance of 5 cents per share distribution for the financial year 2021.

New initiatives include an agricultural fund and a property income fund.

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