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Speedy uptake of property fund offer

Investor thirst for returns shows in strong and speedy take-up for PMG, who received a full subscription of $68 million for their Pacific Property Fund.

Tuesday, April 20th 2021, 5:30PM

by Daniel Smith

Desire for steady returns in a low-interest-rate market have been made apparent in the strong and speedy take up of PMG’s Pacific Property Fund.

The fund, which is the largest in the company’s history, was fully subscribed at $68 million.

PMG CEO Scott McKenzie says the market interest shows just how hungry investors in New Zealand are for steady returns.

“We believe the speed at which the offer was taken up is a direct reflection of the track record PMG and our funds have demonstrated over time, and investors seeking out reliable alternatives to term deposits.

“On top of that, the recent restrictions and compliance pressures placed on the residential property investment market highlights the strength, historical resilience and ease of investing in an unlisted commercial property fund.”

Retail investors are offered a strong comparable forecast gross cash dividend of 7.35 cents per share per annum paid quarterly by the fund, which at the current share issue price of $1.22 per share, represents a gross cash return of 6.02% per annum.

The PMG fund expects to acquire six properties, with four of these properties to be acquired using the funds raised from the offer. Together, the six properties are valued at $128 million.

On settlement of all six properties, the fund’s portfolio will consist of 20 quality commercial properties with 62 tenants located across the country, achieving a total estimated portfolio value of $393 million.

PMG plans to bring additional investment offerings to market this year in its five unlisted commercial property funds.

Tags: PMG

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BNZ - TotalMoney 4.55 - - -
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Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
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Heartland Bank - Online 1.95 1.85 2.35 2.45
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HSBC Premier 4.49 2.19 2.45 2.69
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 3.69 ▲2.29 ▲2.69 ▲2.99
Kainga Ora 4.43 2.67 2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.75 3.34 3.34 4.14
Kiwibank - Offset 3.75 - - -
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Liberty 5.69 - - -
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The Co-operative Bank - Owner Occ 4.40 2.49 2.89 3.19
The Co-operative Bank - Standard 4.40 2.99 3.39 3.69
TSB Bank 5.34 3.30 3.69 4.04
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Last updated: 2 August 2021 9:09am

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