PMG buys Kel­ston mall

Western Leader - - IN BUSINESS - CATHER­INE HAR­RIS

Prop­erty in­vestor and funds man­ager Prop­erty Man­agers Group (PMG) has made an off-mar­ket pur­chase of the Kel­ston shop­ping cen­tre.

The west Auck­land cen­tre will be folded into one of PMG’s di­ver­si­fied in­vest­ment funds, Pa­cific Prop­erty Fund Ltd (Pa­cific Prop­erty).

The pur­chase price was not dis­closed.

How­ever, PMG said it was the largest sin­gle pur­chase the 25-year old com­pany had ever made.

Group chief ex­ec­u­tive Scott McKen­zie said the Kel­ston shop­ping cen­tre was an ex­cit­ing op­por­tu­nity, lo­cated as it was on two ar­te­rial routes. It was only 15 min­utes to the city. The sur­round­ing ar­eas were pre­dom­i­nantly des­ig­nated for ter­race hous­ing and apart­ment build­ings un­der the uni­tary plan.

‘‘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 cen­tre’s im­me­di­ate pri­mary catch­ment area was ex­pected to grow by nearly 30 per cent to 42,000 by 2043.

Lo­cal res­i­dent pur­chas­ing power was also fore­casted to in­crease 17 per cent, from $780 mil­lion in 2014 to $910 mil­lion in 2023.

Pa­cific Prop­erty Fund will launch a new share of­fer in Septem­ber.

SUPPLIED

An aerial view of Kel­ston Shop­ping Cen­tre, which is in a catch­ment zoned for denser hous­ing.

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