FortHill Property closes $170m wholesale property fund
1 October 2019
FortHill Property is pleased to announce the successful launch of its initial wholesale fund offer.
FortHill Property was formed in 2019 to acquire a property portfolio of eleven A-grade industrial and commercial properties for wholesale investors. The properties were developed by Calder Stewart Group, with the Stewart Family retaining a cornerstone shareholding.
FortHill Property will continue to invest in a diversified portfolio of industrial and commercial properties throughout New Zealand to provide a growing and reliable income stream and long-term capital growth for shareholders.
“We are pleased to have successfully established FortHill Property with the first acquisitions from Calder Stewart and strong investor support. Our acquisition pipeline is looking excellent for 2020 and we expect to add new properties to the portfolio in the new year” said Karl Smith, Chairman of FortHill Property. “With bank rates at all-time lows, we particularly noticed investor appetite for strong returns and long lease terms and expect further interest from long term investors,” added Smith.
The initial properties are situated in Christchurch and Dunedin, backed by long leases to strong national and international tenants including Waste Management, Fletcher Group, Penske, AB Equipment, and Komatsu. The fund provides diversification across these markets and tenants.
Nick Maier, GM of FortHill Property commented “With wholesale investors looking for suitable yields and growth in their investment mix, FortHill has been successful in attracting significant backing. FortHill struck a chord with investors who rate the quality of the assets and the long-term view we are founded on. With additional assets in sight we see strong potential for ongoing internal and growth for our investors.”
|Key Financial Information|
|Initial Portfolio Size||$170m|
|Forecast returns||6.5% - 7.0%|
General Manager, FortHill Property
+64 21 43 8885