PMG closes investment offer in Bethlehem Town Center

Today, hundreds of Bay locals own part of their backyard.

ONew investors in 2000, including many Bay of Plenty residents, jumped at the opportunity to own a stake in Bethlehem Town Center.

PMG Property Funds Management Limited (PMG), an unlisted commercial real estate fund manager, has closed the latest offer for PMG Generation Funds.The funds raised will help you make a high-profile purchase Bethlehem Town Center For $ 107.6m * with industrial property on 11-13 Gough Street in Wellington’s Seaview. Conservative bank borrowing funds the remaining purchase price.

Scott McKenzie, CEO of PMG, is honored to be the new owner and manager as the Bethlehem Town Center is an important community hub. “We look forward to increasing the value of the Bethlehem Town Center and further enhancing its reputation as the shopping destination of choice in the region.”

According to Mackenzie, the ongoing low interest rate environment, coupled with the headwinds of residential real estate investment, has created a high level of interest in commercial real estate from a wide range of individuals.

Initially, PMG partnered with online investment platforms Sharesies and InvestNow to bring this offer to market, resulting in the participation of over 1,850 new investors through these investment platforms.

“At PMG, we are passionate about providing value and security to real estate people and helping New Zealanders achieve financial freedom. We believe Sharesies simplifies the investment climate and financial literacy. We have great respect for the innovative efforts we have made to build our business, and we are pleased to expand our reach and partner with you as part of this latest market offering.

“Investing in unlisted commercial real estate can be considered out of reach for many New Zealanders. Through Sharesies and InvestNow, some of these barriers for people to invest in commercial real estate. Can help overcome and make everyday Kiwi easier to participate. “

The acquisition brings the total portfolio of PMG’s generation funds to an estimated $ 166 million *. The fund consists of five quality commercial establishments located in major metropolitan areas throughout New Zealand and is backed by notable tenants. Some of them are classified as essential services, giving investors more confidence in the fund’s resilience.

Mackenzie is one of New Zealand’s largest directly owned and unlisted commercial real estate funds, with strong support from both new and existing investors reflecting the track record that PMG and its funds have demonstrated over the years. I think it is.

“The number of investors who participated, the spread of income risk through multiple tenants in various industries, and normal cash flow at attractive rates.”

Denis McMahon, Chairman of the Board of Directors of PMG, was impressed with the strong reaction to the offer, which had a minimum accessible investment threshold of 1,000 units ($ 1,090).

“When launched PMG Generation Fund The goal of 2020 was to help more New Zealanders enjoy the benefits of investing in commercial real estate and to provide opportunities for good capital growth through regular income and investment. This latest offer has certainly achieved this. “

Since its inception, the PMG Generation Fund has provided initial investors with a total cash distribution return of 5.80 cents * per unit, significantly increasing the value of the underlying real estate assets. With an estimated total cash return of 5.5% pa ** paid monthly, this offer provides attractive passive income and allows investors to enjoy their favorite lifestyle in the future.

PMG closes investment offer in Bethlehem Town Center

Source link PMG closes investment offer in Bethlehem Town Center

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