PMG successfully completes capital raise
PMG Property Funds Management has raised $37.8 mill from investors in its latest Offer in PMG Direct Office Fund.
Wednesday, July 1st 2020, 1:01PM
The fund has now acquired the 5 Green-Star rated Vodafone Innov8 building at Tuam Street, Christchurch.
PMG chief executive, Scott McKenzie, says capital raise took place in a time of much investor uncertainty.
“The current economic climate is naturally generating investor wariness so we are thrilled to have received the support and interest from both existing and new investors in this offer.”
McKenzie says the success of the Offer was due to a number of factors including the diversified nature of PMG Direct Office Fund with eight quality commercial properties geographically spread across the country with over 75% of the income generated by resilient Government, telecommunication and professional services tenants.
“The fund’s consistent, monthly gross cash distributions (returns) of 6.4%
“Over the coming months we anticipate investor confidence growing, adept slowly, as New Zealand trading volumes continue to pick up. We encourage investors who may have missed out in our latest Offer to invest in long term, quality commercial property to contact us to find out more about upcoming opportunities with PMG,” he says.
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