Titan1 and Viranda
Titan1 and Viranda
The Directors of Palmerston North based Titan1 and Takapuna based Viranda Property Network are pleased to announce that Titan1 has acquired a joint venture interest in Viranda. This signals a move by both companies to enhance their respective property investment services to clients in New Zealand and overseas.
Viranda was formed in the mid 1980s by North Shore barrister Andrew Guest. It offers commercial property investment services to professional clients, largely drawn from the medical, airline and business professions, and has a portfolio of over 350 properties with a value in excess of $250 million. Titan1 is a substantial property investment company founded by John Pendergast and Richard Chisholm. Titan1’s investment clients are most often professional, corporate investors seeking to partner Titan1 in a diverse range of investment projects.
“Viranda has been successful because of its unwavering commitment to meet client requirements and the continuous emphasis placed on maintaining the necessary investment standards” says Viranda’s Andrew Guest. John Pendergast assures investors that this philosophy will continue. “We will look to leverage the synergies that exist between the two very complementary client bases. We now have a significant number of corporate and professional investors as Titan1 clients, as well as a large pool of private investors who are working with Viranda. With Titan1’s networks so finely developed and deeply entrenched, we can now present property investment projects that are specifically tailored to satisfy the requirements of both sectors of the investment market, and we can look after our own investor base.”
The company will continue to trade as Viranda Property Network with Andrew Guest remaining full time as Managing Director, focusing on the Client Investment activities of the Group. A substantially enlarged senior management team is currently being appointed to work alongside Andrew and to take responsibility for optimising investment returns and client service delivery. The first appointment to this team is Jeff Moore who will be the company’s General Manager, Finance and Operations. Jeff is a chartered accountant and most recently was Network Performance Manager for Air New Zealand.
The Directors expect several more significant announcements to be made over the forthcoming months with regards to service delivery, minimum investment return criteria, performance guarantees and a range of new property based investment products to be available alongside the existing mix of net leased commercial buildings.