PMG Property Funds Management Ltd has closed its latest offer, the $33 million opening investment in the PMG Generation Fund, fully subscribed days before its scheduled closing date, this Friday.
PMG launched the new fund on 25 February with 3 properties & the ability to add to the portfolio, which is designed to make commercial property investment possible for more generations of New Zealanders.
The company offered:
- 33 million units at $1/unit in a $52.9 million portfolio of 3 properties
- minimum investment 1000 units
- loan:value ratio 43%
- forecast annualised gross cash distribution return 5.8c/unit (net of expenses & fees but before tax).
The initial 3 properties are:
- Christchurch, Wigram, 67 Vickerys Rd
- Hamilton, Rukuhia, 26 Sharpe Rd
- Wellington, Grenada North, 32 Jamaica Drive.
Settlement of the acquisition properties is scheduled for next Tuesday, 31 March.
26 February 2020: PMG aims for wider investor spread with new industrial fund