Clemson University. Image: Canva.
  • AUM increased to $466 million
  • Auctus settled asset at Clemson University for A$35 million
  • USQ proposed listing date: 16 February 2022

Listed investment manager Auctus (ASX: AVC) recently released its December 2021 quarter update, announcing AUM moving upwards 16.5% to A$466 million from A$400 million, record cash receipts for the quarter of $3.53 million, positive cash from operations for the quarter of $2.09 million, and cash balance at the end of the month of $13.4 million.

Property exits

AVC reported the current assets under management figure is following two property exits in the American student housing portfolio, totalling A$34.35 million.

The company added that fee earning AUM has increased over 45% since the end of June 2021 financial year to $360 million.

US Student Housing REIT (ASX: USQ)

AVC announced that during the December quarter, it settled an asset at Clemson University in South Carolina for US$25.5 million (A$35.4 million) and disposed of two properties in the existing jointly managed portfolio with Student Quarters.

The combined total of the disposed properties came in at circa US$34.35 million (A$47.7 million) and was reported to have delivered internal rates of return of more than 15% per annum over the investment period.

AVC also announced in mid-December that US Student Housing REIT (ASX: USQ) lodged the PDS with ASIC for its proposed listing on the ASX. The REIT is looking to raise A$45 million and has proposed the listing date of 16 February 2022.

Auctus is the appointed Investment Manager of the REIT and will receive a management fee of 0.60% per annum of Gross Asset Value (GAV) upon listing. The REIT will consist of 11 properties, with a fair value of US$189M (GAV). The REIT brings together an existing portfolio of assets under the joint venture along with new assets to be settled during February.

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