TAURANGA – Today, national property funds manager PMG Property Funds Management Limited has (PMG) has announced a 50% equity
partnership, through its parent company PMG Holdings Limited, with listed Australian-based investment and funds manager,
360 Capital Active REIT (360 Capital).
PMG Chief Executive Officer Scott McKenzie says he is excited by the opportunities the partnership presents PMG’s
investors and tenants, and the company’s five unlisted commercial property funds.
“The partnership will strengthen PMG’s proven ability to acquire high-quality New Zealand properties, help us to
continue our sustainable growth, and provide greater performance and resilience for our funds and our investors,” says
“For our tenants, it will mean we can continue to be a landlord of choice, ensuring their spaces are fit for purpose now
and for their businesses in the future.
“Over the past few years, we have been approached by a number of firms wanting to work with us. We have been in
discussions with 360 Capital for over 12 months now, and it is clear we share the same vision and values of placing
customers at the centre of all we do, being open and transparent, having skin in the game and helping grow the financial
freedom of clients,” he says.
Integral to the partnership, PMG’s existing management team, brand and staff structure will remain the same. All
day-to-day operating and management decisions will continue to be made by the existing PMG executive and investment
management team – including PMG Chief Executive Officer Scott McKenzie, Chief Financial Officer Nigel Lowe, and Head of
Investment Daniel Lem. All three remain committed to the PMG business for the long term.
Scott McKenzie, Nigel Lowe and Denis McMahon will remain on the PMG Board. Dr Wayne Beilby will also remain on the PMG
Board as an Independent Director. Founder and Chairman of PMG Denis McMahon will remain as Chairman.
An additional independent director and three members of the 360 Capital team will join the PMG Board, adding to PMG’s
property funds management experience and growing governance capability.
360 Capital’s Head of Real Assets James Storey says the company is excited about partnering with PMG, considering PMG's
solid performance and history over the past 29 years, and the potential they see for PMG and investors long term.
“Like PMG, we are a high conviction investor, focused on long-term sustainable returns for investors,” says Storey.
“As an equity partner, we will bring further opportunities and add value through our many years of investment and
governance experience to PMG's already strong funds management business.
“We look forward to working with the existing board and management team to continue to deliver for investors.”
PMG Chairman Denis McMahon says the partnership will provide investors with even more confidence in PMG as a manager of
“One of the catalysts for 360 Capital’s interest in partnering with us has been seeing how we have managed through the
uncertainty of the last 12 months,” says McMahon.
“I’m very supportive of this partnership as it will enhance PMG’s ability to continue to sustainably meet our strategic
goals in what is an uncertain economic environment.
“I have been actively wanting the type of strengths 360 Capital bring to the table, for a very long time, but never felt
that we had met a partner who shares our values. It is clear that in 360 Capital we have now found that partner,” says
PMG is one of New Zealand’s most established property funds managers. For over 29 years, PMG has been invested in
delivering long-term sustainability and value for investors through proactive commercial property management and
PMG’s purpose is to create value and security for people in property, helping New Zealanders achieve financial freedom.
It does this by offering a range of unlisted property funds, which cater for the differing needs of investors and
provide them with choice, diversification (spread of risk) and regular income.
The funds PMG offers and manages on behalf of investors include: PMG Generation Fund, a fund designed to make commercial
property investment possible for all New Zealanders; Pacific Property Fund Limited, a vehicle which invests in
geographically and category diverse properties; and funds which invest in category specific assets, including PMG Direct
Office Fund, PMG Direct Childcare Fund, and PMG Capital Fund Limited.
PMG is licensed under the Financial Markets Conduct Act 2013 to manage Managed Investment Schemes (excluding managed
funds), which invest in, or own, real property in New Zealand.About 360 Capital
Established in 2006, 360 Capital is an ASX-listed investment and funds management group, focused on strategic and active
investment management of alternative assets. Led by a highly experienced team, 360 Capital operates in Australian and
global markets investment across real estate, public and private equity, and credit strategies with our stakeholders to
identify, invest and realise on opportunities.
360 Capital has a demonstrated track record in delivering superior returns across direct real estate, real estate
turnarounds, and funds management.