PMG unconditional on Kelston Shopping Centre
28 July 2017
We are pleased to announce that we have secured an unconditional agreement to purchase the Kelston Shopping Centre in West Auckland for one of our diversified investment funds, Pacific Property Fund Limited (Pacific Property).
Secured as an off-market acquisition, it is the largest single purchase in PMG’s 25- year history. We will be offering interested investors the ability to participate in a new Share Offer by Pacific Property in September, following the registration of a Product Disclosure Statement (PDS).
Head of Sales & Investment, Matt McHardy, says Kelston Shopping Centre presents an exciting opportunity for investors.
“Located on the corner of two main arterial routes in West Auckland, just off the South Western Motorway and only 15 mins to the CBD, the surrounding area is now predominantly designated under Auckland’s Unitary Plan for further intensification,” says McHardy.
“This means a greater density of homes can be built around the shopping centre. Auckland Council has identified Kelston as a key suburb to facilitate intensification over the next decade which will have a positive impact on the centre.”
“The Kelston Shopping Centre’s immediate primary catchment area is expected to grow by 29% to 42,000 by 2043. Within this catchment, local resident purchasing power is estimated to increase 17% from $780 million in 2014 to $910 million in 20234,” says McHardy.
Investors wishing to indicate their interest to participate in Pacific Property’s Share Offer, to assist with the acquisition of the Kelston Shopping Centre, can contact PMG’s Head of Sales and Investment, Matt McHardy on 07 929 7109, or Sales Investment Manager, Auckland, Mat Harvie on 09 283 0222.
Pacific Property Fund Limited is seeking preliminary indications of interest in a proposed offer of shares (offer). Indications of interest may be registered by contacting Matt McHardy or Mat Harvie.
Indications of interest will not involve an obligati ffer. If the Offer is made, it will be made in accordance with the Financial Markets Conduct Act 2013.
The selling agents are not providing personalised advice. As such, prospective investors are recommended to seek professional advice from an authorised financial adviser which takes into account
their personal circumstances before making any investment decision. The selling agent will make a copy of the Product Disclosure Statement and Adviser Disclosure statement available for all
prospective investors on request and free of charge.