Property Managers Group raises $44 million in five weeks

MEDIA RELEASE

Property Managers Group raises $44 million in five weeks

TAURANGA – December 9 - Today property and fund manager, Property Managers Group, closed its largest combined offer, raising over $44 million in five weeks across two of its managed investment portfolios, Pacific Property Fund Limited and PMG Direct Office Fund a new dedicated office managed investment scheme.

The capital raised is three times more than previous raises the company has taken to market and Property Managers Group CEO, Scott McKenzie, says he is blown away by the interest from both new and existing investors.

“Nearly 30 per cent of the funds raised came from investors who are new to Property Managers Group and who have not invested in any of our investment portfolios previously, while nearly $32.5 million was raised from existing investors,” says Mr McKenzie.

“We are very humbled by the interest in our offers and the significant increase in investment from existing investors. This is a clear signal that our investors consider PMG to be a trusted property and funds manager and we take that trust very seriously,” he says.

The average investment taken up, as part of the combined offer, in PMG’s Pacific Property was $183,000 per investor. The average investment taken up in the new PMG Direct Office Fund per investor was $160,000.

The closing of both offers today will see Property Managers Group settle the 11 acquisition properties before Christmas. Three properties will be added to Pacific Property’s existing portfolio, and eight properties will go into the PMG Direct Office Fund.

“One of the properties being acquired by Pacific Property includes our first property in Whangarei which is tenanted by national retailer the Farmers Trading Company on a new 15-year lease,” says Mr McKenzie.

Pacific Property director, Denis McMahon, says the assets of Pacific Property offer investors geographical and category diversity, with Stag Park representing a significant redevelopment opportunity.

“We’re thrilled to be bringing three new properties into Pacific Property, targeting a strong and sustainable gross dividend return of 7.20% per annum for the full financial year to 31 March 2018, and delivering improved liquidity,” Mr McMahon says.

The newly established PMG Direct Office Fund is targeting a gross distribution return of 7.50 per cent per annum for the first full year to 31 March 2018.

About Property Managers Group

Property Managers Group is one of New Zealand’s most preferred and trusted property and funds manager for the last 24 years. Formed in 1992, PMG has brought to the market 29 separate investing offerings and now has $220m of property and funds under management. Property Managers Group is an owner, manager and investor in property. This unique business model is intrinsic to its success in being able to identify the best properties combined with in-house property management and body corporate expertise to add value to investors, property owners and tenants.

Property Managers Limited is licensed under the Financial Markets Conduct Act 2013 to manage Managed Investment Schemes (excluding managed funds) (‘schemes’) which invest in, or own, real property in New Zealand.

ENDS

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