360 Capital Group
360 Capital Group (TGP) grew operating profit 9.1%. Following the expected sale of St George's Terrace to the 360 Capital Office Fund (subject to the approval of their security-holders), 360 Capital will have two lines of business - funds management (listed and unlisted), and co-investment (including in TIX and TOF). Funds under management are now $1.4b, with $212.5m of co-investment.
TGP has repaid all bank debt at group level. It has increased its co-investment in TIX, and it has taken over the management of the ANI assets held in TIX. TGP is continuing to sell down Retail Fund No 1, providing capital for future opportunities. It is also in discussions with overseas parties in regard to managing sizable property portfolios on their behalf.
TGP reaffirmed its full year guidance of 6.8 - 7.0 operating EPS, and a distribution of 6.25cps. 360 Capital offers a consistent, sustainable income return for the equity portfolio. Through the pursuit of new opportunities and recycling capital, it also offers a moderate amount of growth.