First Mortgage Trust confirms Capital Group deal

FMT has announced First Mortgage Managers Limited, which manages the FMT loan book, has been sold to the Auckland-based private equity firm.

TMM Online revealed on Friday that Capital Group had agreed a deal to take control of the non-bank lender. Speaking on Friday, Capital Group director Greig Allison said his firm would invest with "a long term view".

Capital Group invests in a broad range of real estate assets, from apartment blocks to loan books.

First Mortgage Managers manages funds on behalf of FMT. FMT, was founded in 1996 as the successor to five regional law firms' nominee companies and has grown to hold $770 million in funds under management.