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DomaCom signs ANZ to new property platform

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By Reporter
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2 minute read

Former Praemium chief executive Arthur Naoumidis has announced ANZ bank will provide cash and transactional banking services for the soon to be launched DomaCom property platform, under an implementation agreement.

The platform aims to help investors take fractional stakes in direct properties via an online platform, with properties valued periodically.

The firm is in the process of establishing the platform and aims to launch it in the last half of 2013, he said.

Investors will be able to establish an account with DomaCom to lodge investment funds for the purpose of "making fractional investments in properties of their choice in locations of their choice listed on the online platform", DomaCom stated.
 
DomaCom will deposit the investment funds in its account with ANZ, allowing the group to pass yield on to investors on their cash investments.

Online settlement will occur immediately after property selections have been made and the available investment fractions have been fulfilled, making the facility similar to share trading, DomaCom stated.

Chris Hall, director, ANZ Financial Institutions Group, welcomed the move, which he said would help service the self-managed super fund (SMSF) market.

"ANZ is pleased to provide this service to the DomaCom platform that will provide the SMSF market with a new property investment option and help facilitate suitable asset allocation," he said.

"Working with DomaCom is consistent with our strategy of supporting clients within the broader superannuation industry."

The deal represents one of the last remaining steps in the implementation of the platform, which now needs final regulatory approval and a round of commercialisation funding to be placed with sophisticated investors, which should take place over the next few months.