19 Dec 2025
As we reach the end of 2025, it’s worth pausing to reflect on a year that has tested markets globally, yet shown the strength and resilience of New Zealand, our investors and the commercial property sector.
This year has brought its share of challenges, but also many achievements and positive momentum for PMG and our sector as a whole.
At the start of 2025, we anticipated a slow beginning, building into a stronger second half. While the economic environment has been challenging at times, we are now seeing positive signs of activity. Business confidence is building, and smart capital is active.
As term deposit rates have tracked down, we’ve seen increasing inflows of investment capital into PMG’s funds. Our team has traded over $15 million in secondary market transactions over the second half of this year, supporting liquidity for our investors.
Despite the headwinds, our team has achieved excellent results in recent months, delivering strong outcomes for our funds, investors, and tenants. We recently closed a highly successful capital raise for the PMG Direct Child Care Fund, exceeding expectations and enabling us to continue growing the fund’s scale and resilience. This additional capital allows us to acquire a new center in Westgate, Auckland, and positions us to add further centers to the portfolio in the coming months.
Our property team has worked tirelessly throughout the year. Their efforts are now bearing fruit as the economic environment improves. Notable achievements include:
These successes help support sustainable distributions to our investors, both now and into next year.
At PMG, we take our role as fund manager of choice and custodian of your capital incredibly seriously. Our purpose is to enable financial freedom for everyday New Zealanders. We do this by providing great spaces for our tenants—helping New Zealand businesses thrive and contribute to the country’s GDP—and by welcoming your investment capital into our funds to preserve and grow its value over time.
This year, across our funds, we expect to deliver over $37 million in gross distributions to our investors. Our focus remains on growing distributions and value through improving portfolio quality and careful cost control. We continue to invest in technology and develop initiatives that improve day-to-day efficiency.
We have made strong progress on our sustainability initiatives, focusing on waste, water, energy, and carbon efficiency. These efforts are integral to our strategy and help ensure ongoing customer (tenant) demand for our properties.
On the projects front, we are nearing completion of the new Mitre 10 at 390 Prestons Road, Christchurch, due for completion in early 2026. Looking to the year ahead, while global economic uncertainty remains, New Zealand is well-positioned.
We expect continued improvement in our economic environment and growth in property values. The property cycle has turned, and we are working on a number of exciting acquisition opportunities for our funds in 2026.
Our strategy remains focused on building strength, resilience, and diversity with scale. With change comes opportunity, and we look forward to presenting new opportunities to you in the coming year.
This year, we have been humbled to see the average investment tenure across all PMG investors now exceed five years, with many relationships spanning decades and generations. On behalf of the entire PMG team, I want to extend our heartfelt thanks for your ongoing support and loyalty throughout 2025.
Enjoy the upcoming Christmas and New Year break with friends and family. We look forward to connecting with you at our outlook events in early 2026. If you're interested in attending these events, you can pre-register your interest by clicking on the relevant date below.
Christchurch - Thursday, 19 February
Auckland - Wednesday, 25 February
Tauranga - Thursday, 26 February
Thank you for your trust and partnership.
