Listed real estate investment fund manager 360 Capital Group believes the Australian commercial property market has reached its peak.
In a trading update announcing the group’s full-year results this week, the company gave an overview of the commercial property outlook.
“The group considers that the commercial real estate markets are fully priced and is prepared to stand still and/or opportunistically sell assets where mispricing occurs in the market,” the company said.
“The group maintains its active approach to transactions ensuring that it continues to get an opportunity to participate in the majority of transactions in the Australian commercial real estate marketplace.”
360 Capital Group delivered a statutory net profit of $24.1 million for the year, representing a 4.8 per cent increase compared to the prior year of $23.0 million.
Group operating earnings (excluding active earnings) were $14.6 million for the year, an increase of 19.7 per cent on the previous financial year.
In line with its stated intentions, the 360 Capital management team continued its strategy of recycling capital from direct assets into higher earnings-multiple co-investments in 360 Capital-managed funds and other opportunities that arose over the period.