360 Capital Upgrade & Expansion
Following the change in control of the Australia Pacific Data Centre Board and the expansion into the non bank lending space, 360 Capital have increased the earnings guidance to 5.5cpu, up 83% from the previous forecast of 3.0cpu.
360 Capital control 67.3% of the units in the trust and has representatives on the Board of AJD. The Board has now commenced a range of initiatives to add value to the trust, including obtaining valuations, increasing the debt and seeking additional assets.
Non Bank Lending
360 Capital has reviewed $800m of investment opportunities and placed $50M of capital into non bank lending with forecast IRRs of 12-15%. The Group expects to use these skills to deploy further capital of its own and others to generate fees and direct returns to the Total Return Fund.
360 Capital is preparing a new listed 1st Mortgage Fund for retail investors with a 6% income yield which will provide capital to a Wholesale Mortgage Fund, though no details are available yet.