New freight hub, good news for PPF's acquisition of Palmerston North property
22 November 2018
On Thursday (15 November) Regional Economic Development Minister Shane Jones announced a $80 million funding boost to the Manawatū-Whanganui region in the form of rural broadband, expansion a driver-training centre near Fielding, and a new freight hub near Palmerston North.
In the announcement, Shane Jones said the funding boost will have major economic benefits for the region. The announcement comes five days after Property Managers Group (PMG) launched an Offer to the market for the acquisition of EziBuy’s industrial property in Palmerston North.
PMG CEO Scott McKenzie says this sort of significant investment in the region by Government, is positive for surrounding landowners and businesses, particularly given the forecasted demands on freight moving through the region, is expected to increase by 60% in the next two decades.
“This announcement is an exciting one for us having just launched an Offer to the market, in our largest unlisted diversified fund, Pacific Property Fund Limited, for the acquisition of an excellent industrial property in the Manawatu, at 31 El Prado Drive, near Palmerston North Airport and tenanted by EziBuy,” says Scott.
“Having undertaken in-depth due diligence on the EziBuy property and having looked into the market in the Manawatu, we knew the region was experiencing increased demand for quality industrial properties, with a number of Wellington-based firms looking for space in the region.”
“This announcement reconfirms to us, that the proposed acquisition of the property and the Offer in Pacific Property to investors, is the right one and we should see good growth in value over time, for the property and ultimately the fund,” says Scott.
Interested to hear how you can take part in PMG’s latest offer in Pacific Property Fund and own a share of the fund which owns the EziBuy building? Click here for more information.