Spring FG Limited announced it has entered into a revenue and equity based joint-venture with Tessa Residential Pty Ltd. (Tessa) to provide property management, letting agency and resale services to Spring FG clients. The company said the joint-venture will initially focus on its clients' Brisbane portfolios, expanding to Melbourne and Sydney assets over the next 12-18 months. Under the JV Spring will receive referral fees, a recurring revenue share and a retained equity interest in property management contracts it introduces to the joint-venture. As part of the JV arrangements the company said it had also assigned its acquisition of the management rights at 'Mode Apartments' in Brisbane's inner-city suburb of Newstead to Tessa. The 157 apartment development (initially due for completion in mid-2016) is nearing completion with settlement expected in March 2017. Tessa will provide building management services to Mode's body corporate; and operate onsite letting agency and property asset management services for Mode owners for a 25-year term. Around 25% of owners in the luxury complex are existing Spring FG clients. The company said that Tessa was the logical joint-venture partner for it to capitalise on both the equity upside and recurring revenue opportunities from helping clients manage their residential portfolios.