Property Manager brings its largest offer to market

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Friday, November 9th 2018, 2:28PM 1 Comment

Property Managers Group (PMG) is bringing to market its largest retail Offer in its diversified, unlisted commercial property fund, Pacific Property Fund Limited (Pacific Property).

Managed by PMG, this is the sixth Offer Pacific Property has brought to market since its inception in 2013.

The company is aiming to raise $37.44 million in new investor capital by 7 December 2018 to assist
with the acquisition of two quality industrial properties for its portfolio, 33 Vickery Street in Hamilton, tenanted by Alto Packaging and 31 El Prado Drive in Palmerston North, which is well-known online retailer EziBuy’s international distribution centre.

Pacific Property is offering investors 36 million shares at $1.04 cents per share in Pacific Property, targeting a strong gross cash distribution return (net of expenses but before tax) of 7.25 cents per share for the full financial year to 31 March 2020. Starting with a minimum investment of 20,000 shares ($20,800) and multiples of 10,000 shares ($10,400) thereafter.

PMG chief executive, Scott McKenzie says, the additional property acquisitions are in line with Pacific Property’s strategy for ongoing growth and diversification and PMG’s continued confidence in the solidly performing commercial property sector.

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