MTSL in new venture
The National, Tuesday January 7th, 2014
THE Melanesian Trustee Services Ltd (MTSL) is expanding its investment portfolio into properties through a newly-established entity, the Pacific Balanced Fund Properties (PBF Properties).
PBF Properties general manager Isaac Maladina said the entity was created to manage unutilised assets within PBF’s portfolio.
The new company was formed last October after MTSL board passed a resolution to incorporate the entity under PBF to create a portfolio of income-producing real estate assets.
The entity would pursue investments in residential and commercial properties and would use the income to supplement as equity in other property ventures.
Maladina said: “One of the main reasons the entity was created was to also manage unutilised assets within Pacific Balanced Funds portfolio,
“These assets will be transferred to, and be under, the management of PBF Properties.”
Maladina said the idea was to move from the common office investments and management and diversify into residential and other commercial ventures.
One objective of PBF Properties was to invest in residential and commercial properties, which generate monthly income while gaining market value appreciation over a long-term period.
Other objectives included management of assets, which had been transferred from PBF, investments through identifying, evaluating and acquisition of potential properties, management of portfolio of real estate assets and pursuing steady growth in the next three years.
PBF Properties was eyeing to invest and manage three residential and one commercial property by the end of this year.
A total of K1 million had been injected by Pacific Balanced Fund into the entity as start-up funding.
PBF Properties would begin investment operations early this year.
MTSL is the trustee of Pacific Balanced Fund, formerly Investment Corporation of PNG and Pacific Property Trust.
It is also the acting fund manager to Pacific Balanced Fund.
Both funds were private trusts owned by individuals, local companies and institutions in PNG.