PMG closes fund early as oversubscribed
Friday, September 20th 2019, 8:35AM
PMG Property Funds Management has closed its latest offer ahead of schedule due to unprecedented interest from investors.
The Pacific Property offer raised $42 million to assist with the acquisition of two quality industrial properties at 43 Seaview Road and 120 Hutt Park Road, Seaview in Wellington.
PMG chief executive, Scott McKenzie, says: “We’re thrilled and quite humbled by the interest in Pacific Property.”
“With a forecast gross cash distribution return of 7 per cent, Pacific Property represents good value when compared to other asset classes such as term deposits which are currently returning 2.80% and the average rate of 4.20% at which the NZX50 is currently delivering.
Pacific Property will settle on the two industrial properties on September 30.
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