Press Release – Pacific Property Fund Limited
TAURANGA – November 30 Pacific Property Fund Limited, an investment portfolio managed byProperty Managers Group, has announced its intention to acquire its first property in Whangarei, a landmark property in the heart of the citys CBD.MEDIA RELEASE
Pacific Property Fund Ltd to acquire iconic Whangarei property with national tenant
TAURANGA – November 30 – Pacific Property Fund Limited, an investment portfolio managed byProperty Managers Group, has announced its intention to acquire its first property in Whangarei, a landmark property in the heart of the city’s CBD.
The building is currently tenanted by leading national retailer the Farmers Trading Company, who will commence a new 15-year lease following a building refurbishment programme. Pacific Property expects to take ownership of the building before Christmas.
The pending acquisition of 8 Robert Street in Whangarei forms part of the offer of 16,000,0000 new shares in Pacific Property Fund Limited, the largest investment portfolio Property Managers Group manages. The funds raised will go towards the purchase of 8 Roberts Street , a logistics industrial hub in the Central North Island (Stag Park), and a mixed-use commercial and retail property in the heart of Tauranga’s CBD.
Director of Pacific Property Fund, Denis McMahon, says the acquisition is an excellent addition to the Fund’s diversified portfolio and would take its total assets to more than $70 million.
“This acquisition is part of our long-term investment strategy to provide strong and sustainable returns for shareholders,” says McMahon.
The manager, Property Managers Group’s CEO Scott McKenzie, says the proposed acquisition by Pacific Property signifies confidence in the ongoing growth in the area.
“Whangarei generates approximately half of the Northland regional economy and growth is continuing with GDP up 2.1% on the past year. Regional spending and investment indicators show ongoing expansion in the area; population, employment and productivity figures have all increased in the past year, which, alongside a diversified portfolio of industrial, retail, and office properties, makes this a sound proposition for Pacific Property shareholders,” McKenzie said.
“For investors in Whangarei this gives them a chance to own a stake of the investment portfolio which owns one of the city’s well known landmarks,” he said.
The Product Disclosure Statements (PDS) for Pacific Property’s investment portfolio is available to existing and new investors and the offer formally closes on December 2, 2016.
To receive a copy of the PDS or to register your interest in the offer, see www.propertymgr.co.nz or www.pacificproperty.co.nz or contact Matt McHardy on 07 929 7109 or Rae Beale on 021 288 8584, or email firstname.lastname@example.org
About Property Managers Group
Property Managers Group is one of New Zealand’s most preferred and trusted property and funds manager for the last 24 years. Formed in 1992, PMG has brought to the market 28 separate investing offerings and now has $200m of property and funds under management. Property Managers Group is an owner, manager and investor in property. This unique business model is intrinsic to its success in being able to identify the best properties combined with in-house property management and body corporate expertise to add value to investors, property owners and tenants.
Property Managers Limited is licensed under the Financial Markets Conduct Act 2013 to manage Managed Investment Schemes (excluding managed funds) (‘schemes’) which invest in, or own, real property in New Zealand.