Pacific Property uses scale to acquire new warehouse
17 February 2018
AUCKLAND, February 14 - Today Property Managers Group’s (PMG) diversified fund, Pacific Property Fund Limited (Pacific Property), announced it has acquired a large industrial warehouse in Tauriko in Tauranga taking the total number of properties the company owns to double digits.
The property at 8 Paerangi Place is a newly-built 5085m2 space leased to NZSKP (NZ Specialty Kiwifruit Products Limited), which develops kiwifruit products for export to Asia. With a favourable lease term of 15 years this acquisition takes the portfolio’s weighted average lease term to 8.0 years and total assets to $123.2m.
CEO of PMG, Scott McKenzie, says the acquisition is in line with Pacific Property’s strategy to grow a diversified portfolio of quality industrial, retail and office assets predominantly across the Upper North Island.
“This recent acquisition is a strong and attractive addition to the robust line up of Pacific Property’s assets increasing the industrial warehouse weighting within the portfolio,” says McKenzie.
“With nine other properties owned by the company and following the purchase of Kelston Mall in December, Pacific Property was able to leverage its scale to acquire this impressive warehouse without the need to raise additional capital,” he says.
Pacific Property is one of the largest unlisted commercial property funds in the country, not including private trusts.
“PMG has a range of diversified commercial property portfolios for investors to invest in and as one of New Zealand’s most trusted property funds managers we offer a highly-personalised and friendly service for those looking to invest in property or have their property(s) professionally-managed,” says McKenzie.
“We’d love to talk to new investors and property owners about the opportunities and services we currently have available,” he says.