Hong Kong-based property company Far East Consortium’s (FEC) mortgage arm, BC Invest has acquired a 53% stake in Australian non-bank lender Mortgageport as part of a strategic partnership. Mortgageport has over A$1.5bn ($1.1bn) of mortgage assets under management and over 15,000 customers. FEC’s MD Chris Hoong said that the deal is “expected to unlock the hidden value of FEC’s property and create new revenue streams,” SCMP reported. FEC currently holds a 51% stake in BC Invest, which provides non-resident mortgages, asset management and accounting services in several countries including the UK and Australia. BC Invest CEO David Hinde said, “We have an ongoing position within non-resident mortgages, which will now be supported by domestic mortgages as well.” The deal consideration was not mentioned.
Far East’s 7.375% Perps callable in 2024 have been trading stable at 100.5 yielding 7.18%.
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