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Pacific Property Raises $24.480M & Settles Shopping Centre

Pacific Property Raises $24.480M & Settles Kelston Shopping Centre


Manager PMG appoints centre manager and head of asset management

TAURANGA – December 11 - On Friday, diversified property company, Pacific Property Fund Limited, closed its largest single-property offer to the market raising $24.480 million and settling the purchase of the Kelston Shopping Centre in Auckland.

The successful offer and acquisition takes the total value of the assets owned by Pacific Property to $114.6m and the number of properties to nine.

Manager of Pacific Property, Property Managers Group (PMG) has appointed Associate Property Manager, Frances Mitchell, to assist in managing the Centre and experienced leasing and senior asset manager, Stephen Williams, as Head of Asset Management who will work across all of PMG’s property portfolios.

PMG’s Chief Executive, Scott McKenzie, says the addition of the Kelston Shopping Centre to the Pacific Property portfolio as well as the addition of new funds and properties managed by PMG over the past year has seen the need for two more experienced team members to join PMG in its Auckland office.

“2017 has been a busy year for PMG,” says McKenzie.

“We’re delighted to have successfully raised the funds to purchase the Kelston Shopping Centre for Pacific Property as well as have launched two new funds, PMG Direct Capital Fund and PMG Direct Childcare Fund.

“The recruitment of property and asset management specialists such as Frances and Steve has bolstered PMG’s asset and fund management expertise not just in Auckland, but nationally. Their appointments will ensure we are continuing to deliver exceptional value and sustained growth for our investors and tenants alike.

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Since its inception in 2014, Pacific Property has delivered an average return of 7.20 cents per share per annum to investors.


ENDS


About PMG

Property Managers Group (PMG) is one of New Zealand’s most established 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 manages on behalf of investors includes Pacific Property Fund Limited, a vehicle which invests in geographically and category diverse properties, two funds which invest in category specific properties such as PMG Direct Office Fund and PMG Direct Childcare Fund, and a private equity fund, PMG Capital Limited.


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