PMG unconditional on Kelston Shopping Centre
Property Managers Group unconditional on Kelston
AUCKLAND, June 19 - Today property and funds management company, Property Managers Group (PMG), announced it has secured an unconditional agreement to purchase the Kelston Shopping Centre in West Auckland on behalf of one of its diversified investment funds, Pacific Property Fund Limited (Pacific Property).
Secured by PMG as an off-market acquisition, it is the largest single purchase in the successful, privately-owned company’s 25-year history.
PMG will be offering interested investors the ability to participate in a new Share Offer by Pacific Property in September, following the registration of a Product Disclosure Statement (PDS).
PMG CEO, Scott McKenzie, says the Kelston Shopping Centre presents an exciting opportunity for investors.
“Located on the corner of two main arterial routes in West Auckland, just off the South Western Motorway and only 15 mins to the CBD, the surrounding area is now predominantly designated under Auckland’s Unitary Plan as Terrace Housing and Apartment Buildings,” says McKenzie.
“This means a greater density of homes can be built around the shopping centre. Auckland Council has identified Kelston as a key suburb to facilitate intensification over the next decade which will have a positive impact on the centre.”
“The Kelston Shopping Centre’s immediate primary catchment area is expected to grow by 29% to 42,000 by 2043. Within this catchment, local resident purchasing power is estimated to increase 17% from $780 million in 2014 to $910 million in 2023,” says McKenzie.
PMG is one of New Zealand’s most preferred and trusted private property and fund managers. For 25 years PMG has been invested in delivering long term sustainability and value for investors through proactive management and portfolio diversification.
PMG’s mission is to create value for people in property. It does this by offering a range of property portfolios which cater for the differing needs of investors providing them with choice, diversification and sustainable income.
The portfolios PMG offers and manages on behalf of investors includes Pacific Property Fund Limited, a vehicle which invests in geographically and category diverse properties, and portfolios which invest in category specific properties such as PMG Direct Office Fund.
Pacific Property Fund Limited is seeking preliminary indications of interest in a proposed offer of shares (offer). Indications of interest may be registered by contacting Matt McHardy or Mat Harvie. Indications of interest will not involve an obligation or commitment to acquire the shares. No money is currently being sought. Shares cannot currently be applied for or acquired under the Offer. If the Offer is made, it will be made in accordance with the Financial Markets Conduct Act 2013.
The selling agents are not providing personalised advice. As such, prospective investors are recommended to seek professional advice from an authorised financial adviser which takes into account their personal circumstances before making any investment decision. The selling agent will make a copy of the Product Disclosure Statement and Adviser Disclosure statement available for all prospective investors on request and free of charge.
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