A major shake-up in strata-managed properties has been announced with Australia’s largest strata management company PICA Group (Prudential Investment Company of Australia) taking over Ace Body Corporate Management and its strata duties over 60,000 lots.
The takeover sees the PICA Group obtaining the rights to 118 nationally operating Ace franchised branches as well as gaining full ownership and management of Ace’s largest franchise branch in Melbourne.
With more than 200,000 lots already under the PICA Group’s management, this will add another 60,000 lots to its portfolio of residential, commercial and mixed-use properties.
The PICA Group is Australia’s largest strata management company, operating 15 well-known brands across NSW, Victoria and Queensland, including Body Corporate Services, NSW Strata Management, Dynamic Property Services and GK Strata Management.
What does this mean for property investors?
Ace Body Corporate Management CEO Stephen Raff said that the move would provide a significant upside for properties managed under Ace.
“For our franchise operations, leveraging the PICA Group’s strengths enables us to offer additional services such as facilities management, repairs and maintenance services, energy savings and sustainability initiatives such as NABERS for Apartment Building assessments, behind-the-door services and a more varied range of insurance products to almost 3.4 million residents,” Mr Naff said.
PICA Group managing director and CEO Greg Nash said that he was expecting the takeover to have substantial consequences.
“This acquisition will allow the PICA Group to expand our range of property and strata management services nationally,” Mr Nash said.
He said that according to the Australian National Strata Data 2018 report, about 9 per cent of Australia’s population currently live in apartments, and that this percentage is expected to increase.
Mr Nash added that improved building compliance and common property management is therefore becoming ever more important.