PMG wins Business Innovation Award
14 November 2017
Property firm’s largest single-property capital raise about to close
TAURANGA, 15 November 2017 - Unlisted New Zealand property and funds manager, Property Managers Group (PMG), has won the coveted Business Innovation Award in the 2017 Westpac Tauranga Business Awards.
The award win comes two weeks out from the property company successfully closing its largest capital raising offer with the issuance of 24 million new shares in PMG’s diversified fund, Pacific Property Fund Limited for the acquisition of the Kelston Shopping Centre in December.
Announced on Friday the Business Innovation Award recognises a business that demonstrates creative, entrepreneurial and innovative process, product, technology or service that has enhanced the business’ success.
Head judge and financial assessor, Raimarie Pointon, said this year there were a large number of entrants representing a wide range of high-calibre local businesses, with a clear theme of entrants showing more entrepreneurship and innovation.
“PMG stood out in the Business Innovation Award category because of the significant efforts and tangible results the company has made in implementing an innovation strategy and culture across nearly every aspect of its business,” says Pointon.
PMG CEO, Scott McKenzie, says he is thrilled the team’s commitment to innovation, loyalty and hard work has been acknowledged by receiving the award.
“As an established 25-year old company, in a century-old industry and with a track-record of success, complacency and possible obsolesces we identified as key risks for our business in the digital era,” says McKenzie
“Over the past three years we have reviewed many of our practices and offerings to. We’ve adopted and driven an innovation culture throughout the business to ensure we embrace and thrive in the digital world we live in today and ensure we meet the changing needs of investors,” he says.
PMG’s key innovations include the launch of its diversified fund Pacific Property Fund Limited in response to the change economic, geopolitical and investment environment. PMG also recently restructured its investment offerings over a short six-month period, as a result of listening to its investors and increasing compliance requirements. This saw PMG become one of only a handful of private property and funds managers in the country to become licensed under the Financial Markets Conduct Act 2013 as a manager of Managed Investment Schemes (excluding managed funds) (‘schemes’) which invest in, or own, real property in New Zealand.
Earlier this year, PMG launched two innovative property funds, PMG Capital Fund Limited - a private equity property fund set up to secure quality property assets for investors and PMG’s investment funds, and PMG Direct Childcare Fund – a highly-attractive part of the property sector investors are passionate about.
PMG is also implementing new customer relationship management (CRM) software which integrates with its financial management software and communications tools to improve information management and ultimately customer service. PMG is leveraging new innovative technology to streamline the Anti Money Laundering process for investors, which is a significant and time-consuming pain point for investors.
PMG pioneered the development and launch of a real-time digital app and cloud base software solution to help property managers and owners keep track of, and ensure the safety of, contractors working on sites, called Forsite.
“PMG sees innovation as a culture not just a set of strategies and technologies,” says McKenzie,
“We actively encourage and support our employees to embrace innovation. Our directors attend monthly mentoring sessions with a futurist, team members attend innovation training days and workshops, and our weekly team meetings encourage people to raise ideas or issues that could be resolved through innovative-thinking or technology,” he says.
Those investors interested in PMG’s latest offer closing on November 22 can download the Product Disclosure Statement (PDS) and register their interest here (www.pmgfunds.co.nz), contact the selling agents, Matt McHardy on 07 929 7109 (in Tauranga) or Mat Harvie on 09 283 0222 (in Auckland), or email firstname.lastname@example.org. Alternatively, the PDS and its accompanying documents are available online at www.business.govt.nz/disclose (OFR 12122).