PMG Property Funds Management Ltd confirmed yesterday that its latest offer of shares in Pacific Property Fund Ltd had closed fully subscribed.
The $42 million capital-raising opened on 6 August and was due to close next Wednesday. PMG put a hold last week on applications to invest in the unlisted fund because of unprecedented interest in it.
This capital-raising was to buy the 3ha Seaview industrial park in Wellington. Settlement of the acquisition properties is scheduled for 30 September.
Along with the early close of this fund, PMG said it expected to launch a new investment offer soon.
15 September 2019: PMG halts fund applications because of already-high interest
9 August 2019: PMG opens capital-raising for Seaview industrial park
Attribution: Company release.