Press Release – PMG Property Fund Unlisted commercial property funds manager PMG Property Funds Management Limited (PMG) has fully subscribed an offer to raise $68 million in its flagship fund, Pacific Property Fund Limited (the Fund). PMG Chief Executive Officer Scott …
Unlisted commercial property funds manager PMG Property Funds Management Limited (PMG) has fully subscribed an offer to raise $68 million in its flagship fund, Pacific Property Fund Limited (the Fund).
PMG Chief Executive Officer Scott McKenzie says the offer – in one of New Zealand’s largest directly-held and unlisted commercial property funds – is the largest opportunity the company has brought to market to date.
Press Release – PMG Property Fund
Unlisted commercial property funds manager PMG Property Funds Management Limited (PMG) has fully subscribed an offer to raise $68 million in its flagship fund, Pacific Property Fund Limited (the Fund).
PMG Chief Executive Officer Scott McKenzie says the offer – in one of New Zealand’s largest directly-held and unlisted commercial property funds – is the largest opportunity the company has brought to market to date.
“Given the current low interest rate environment, the attractive return that Pacific Property Fund Limited is offering investors, and the Fund’s highly diversified nature, we knew there was going to be considerable interest from the public to invest,” Scott McKenzie says.
Tuesday, 20 April 2021, 2:47 pm
Unlisted commercial property funds manager PMG
Property Funds Management Limited (PMG) has fully subscribed
an offer to raise $68 million in its flagship fund, Pacific
Property Fund Limited (the Fund).
PMG Chief Executive
Officer Scott McKenzie says the offer – in one of New
Zealand’s largest directly-held and unlisted commercial
property funds – is the largest opportunity the company
has brought to market to date.
“Given the current
low interest rate environment, the attractive return that
Pacific Property Fund Limited is offering investors, and the
Fund’s highly diversified nature, we knew there was going
to be considerable interest from the public to invest,”
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“This is exactly the type of quality property that investors are clamouring for. It fits all the investment criteria – it’s positioned in the sought-after West End precinct, which is popular with corporate tenants, close to the convention centre Te Pae, has great on-site carparking and was built after the earthquakes.” “Christchurch commercial property attracted considerable attention from national investors last year and we believe that trend will continue in 2021. High calibre properties with top tenants are scarce and, as a result, are keenly contested,” he said. Christchurch office vacancy levels are now back to pre-earthquake levels, and the third lowest since Colliers Property Valuation began reporting in 1993 with the West End precinct, along Cambridge Terrace and its immediate surrounds, recording the lowest vacancy.