FYI | Jan 31 2019
Blackwall – A high-growth property play
By Pitt Street Research
Attractive yields in property management
BlackWall Limited ((BWF)) is a Sydney-based property company with a long track record in development and funds management.
The group is also growing a flexible office brand; WOTSO Workspace. BWF typically works with urban renewal or distressed property generating recurring fees from development and funds management. These assets are held in SPV investment structures or the group’s total return A-REIT (the BlackWall Property Trust ((BWR)).
Capturing the growth in Co-working office space
BWF operates distinct but complementary businesses. All its operating subsidiaries are mainly fee-earning businesses and are highly scalable.
Through WOTSO, BWF is one of the leading operators of shared workspace networks across Australia. Considering the economic strength across Australia and the increasing number of businesses opting for shared office spaces, we believe BWF has substantial growth opportunities.
Further, BWF’s property management business attracts retail investors through its unique PIPES structures in a business that is traditionally inclined towards institutional capital.
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