Largest Pacific Property Fund offer
The 26-year-old,
Property Managers Group
(PMG) has opened the largest offer to date in its FundSource AA rated diversified and unlisted commercial property company, Pacific
Property Fund
Ltd.
PMG chief executive Scott McKenzie, says the company is aiming to raise $37.44 million in new investor capital by December 7, to assist with the acquisition of two quality industrial properties for its portfolio.
These are 33 Vickery St, Hamilton, tenanted by Alto Packaging; and 31 El Prado Drive, Palmerston North, the international distribution centre for EziBuy.
Pacific Property is offering investors 36 million shares, at $1.04 cents each, targeting a gross cash distribution return (net of expenses but before tax) of 7.25 cents-per-share for the full financial year to March 31,
2020. The minimum investment is
20,000 shares ($20,800), with multiples of 10,000 shares ($10,400) available thereafter.