4 Jun 2026
Thirty-two years after acquiring its first property – a three-level office building in Tauranga – PMG Funds has passed a significant milestone, with its nationwide portfolio of commercial properties now valued at over $1 billion.
Founded in 1992 by Tauranga investor Denis McMahon, PMG has grown steadily through property cycles, evolving from a traditional property syndication business into a manager of diversified unlisted commercial property funds. Still proudly headquartered in Tauranga, but with offices in Auckland and Christchurch too, PMG today owns and manages over 50 quality commercial properties across New Zealand.
Since moving to the unlisted fund model in 2014, PMG has returned more than $190 million in gross cash distributions to its investors, including over $37.5 million in the most recent financial year to 31 March.
CEO and Director Scott McKenzie, who has led the business since 2012 – when the company’s assets under management were valued at $88 million – says the unlisted model remains suited to those who have a long-term view of commercial property investment and value regular income.
“Unlisted property funds have a different risk-reward profile to listed property vehicles, with performance underpinned by fundamentals such as occupancy, rental income, tenant quality and active asset management rather than short-term market sentiment. This leads to characteristics like typically lower valuation volatility and the potential for more consistency of income, which can appeal to long-term investors without immediate liquidity needs.”
McKenzie says that as the business has grown, PMG has continued to prioritise consistent returns for investors, while also increasing its focus on improving the operational and environmental efficiency of its properties.
“As both fund and property manager, we have over 160 office, industrial, logistics, retail and early childhood education centre tenants nationwide, and we take great pride in partnering with them to ensure each property is configured to help them maximise productivity, attract and retain the best staff and minimise their environmental footprint.
“Across the portfolio we’ve introduced waste optimisation programmes, installed solar and implemented advanced building management systems that have helped reduce operating costs and added to the long-term value of the buildings. These enhancements not only deliver better outcomes for our tenants and our investors but contribute directly to New Zealand’s economic growth and carbon reduction goals.”
As it looks to the future with a billion-dollar portfolio, PMG is currently working closely with its existing investors to expand and enhance its flagship Pacific Property Fund – still chaired by founder Denis McMahon - to create New Zealand’s largest, most diversified unlisted commercial property fund, to allow more Kiwis to include exposure to quality commercial real estate in their investment portfolio.
McMahon says this next phase of PMG’s evolution reflects continuity rather than a change in direction.
“For longer than I’ve been involved with commercial property investment, the core principles haven’t changed: quality assets, disciplined management, strong relationships and long-term thinking. What has changed is scale, and with that comes greater robustness and opportunity. That’s how we see PMG continuing to support investors and the wider economy for many years to come.”
Disclaimer: Current metrics as of March 31, 2026. Assets under management include actual and committed properties. Gross cash distributions declared for the 2026 Financial Year, for PMG’s retail and wholesale funds. Distributions since 2014 is for PMG’s retail funds only. The information in this article is of a general nature and was current at May 2026. It is not intended to be regulated financial advice for the purpose of the Financial Markets Conduct Act 2013 and does not take your individual circumstances and financial situation into account. PMG does not provide financial advice. Please seek advice from a licensed financial advice provider before making any investment decisions.
