News & Opinion

Pacific Property Offer - Fully Subscribed

11 December 2017

Pacific Property Offer - Fully Subscribed

 

Property Managers Group are pleased to advise that the latest offer of 24,000,000 shares in Pacific Property Fund Limited (Pacific Property) has successfully closed fully subscribed.

Today, diversified property company, Pacific Property Fund Limited, closed its largest single-property offer to the market raising $24.480 million and settling the purchase of the Kelston Shopping Centre in Auckland.

The successful offer and acquisition takes the total value of the assets owned by Pacific Property to $114.6m and the number of properties to nine.
Manager of Pacific Property, Property Managers Group (PMG) has appointed Associate Property Manager, Frances Mitchell, to assist in managing the Centre and experienced leasing and senior asset manager, Stephen Williams, as Head of Asset Management who will work across all of PMG’s property portfolios.

PMG’s Chief Executive, Scott McKenzie, says the addition of the Kelston Shopping Centre to the Pacific Property portfolio as well as the addition of new funds and properties managed by PMG over the past year has seen the need for two more experienced team members to join PMG in its Auckland office.
“2017 has been a busy year for PMG,” says McKenzie.

“We’re delighted to have successfully raised the funds to purchase the Kelston Shopping Centre for Pacific Property as well as have launched two new funds, PMG Direct Capital Fund and PMG Direct Childcare Fund.

“The recruitment of property and asset management specialists such as Frances and Steve has bolstered PMG’s asset and fund management expertise not just in Auckland, but nationally. Their appointments will ensure we are continuing to deliver exceptional value and sustained growth for our investors and tenants alike.
Since its inception in 2014, Pacific Property has delivered an average return of 7.20 cents per share per annum to investors."