$100 million for property development: NZMS
New Zealand Mortgages and Securities says it has $100 million to invest in Auckland developments.
Monday, February 18th 2013, 12:00AM
by The Landlord
NZMS recently brokered the $71 million purchase of the Auckland City Council building in Takapuna and has started construction funding for a residential development in Devonport.
Director of lending James Kellow said Auckland did not have enough desirable rental stock and there were too many commercial buildings that needed to be modernised. “We’re particularly interested in funding modern developments that respect the environment with Greenstar standard buildings.”
He said NZMS was low-risk because it invested its own capital. “We understand development and have a long track record of supporting our borrowers.”
NZMS has been financing developments for 30 years and has been the sole financier of more than $1 billion of developments.
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