31 Jul 2023
After the global financial crisis, PMG wanted to develop a model that could withstand future economic cycles with less reliance on one type of property or location, in comparison to a syndicate model.
In 2014, we established Pacific Property Fund Limited (PPF) with a goal to develop a portfolio of resilient, diversified industrial, office and retail properties across New Zealand.
Today, PPF is our largest directly held commercial property fund, available directly to everyday Kiwi investors. It has provided investors with regular cash returns alongside long-term growth of their investment capital through 23 high-quality properties.
PPF's first property
Aiding the creation of the Fund was PMG’s acquisition of the Truman Lane, Mount Maunganui property from the developer. The property is tenanted by Evergreen Garden Care Limited (formally known as Tui Products Limited), who have marked strong growth since moving into the site.
Established in Mount Maunganui in 1999, Chief Financial Officer Andrew Grice says Evergreen Garden Care is now one of New Zealand’s largest distributors of garden products. As manufacturers and distributors of popular garden, pet and home products, Evergreen Garden Care are a strong team of 85 who are deeply proud of their brand and products.
“We had outgrown our previous site in Mount Maunganui and needed somewhere to maximise efficiency and better support our customers,” says Andrew.
Focus on future growth
“After a bit of searching, we came across Maungatawa Papamoa Blocks Limited who were developing the area into a commercial operation to establish a profitable use of their land. We were the first to take the opportunity to work with them and take on the new location. Truman Lane has changed completely ever since, becoming a strong area of commercial development.”
The Truman Lane property’s land is owned by Maungatawa while Pacific Property Fund own the facility, which is proudly managed by PMG and marked the start of PMG’s relationship with local iwi.
“As a growing company, the new site made a huge difference for us. When we initially designed the facility, we future proofed its size and storage for 10 years. It only took us two or three years before I had to call Scott McKenzie at PMG to look at building a second shed to help facilitate our growth.
Working with PMG, we built the shed, and it has been a part of the exponential growth we’ve seen as a business since 2014,” says Andrew.
Property partner of choice
“We want to get on with what we do best, which is manufacturing and distributing our products, and we can do this with PMG.
“The team are collaborative – they listen to anything we want to run past them and come up with ideas. We consider these aspects to be important. As a landlord, PMG are a call away and respond quickly, and remedy any issues fast.”
Find out more about our PPF, our properties and how we work with our stakeholders to foster growth and secure a better financial future for New Zealand businesses and investors on our website at pmgfunds.co.nz.
Disclaimer: The information in this testimonial reflects the opinion of the specific tenant and does not necessarily reflect the opinion of PMG. It is of a general nature and was current as of July 2023. 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.
