Largest Pacific Property Fund offer

6:54 PM Friday November 9, 2018 True Commercial

The international distribution centre of EziBuy at 31 El Prado Drive, Palmerston North. Photo / Supplied

The 26-year-old, Property Managers Group (PMG) has opened the largest offer to date in its Fund-Source AA rated diversified and unlisted commercial property company, Pacific Property Fund Ltd.  

PMG chief executive Scott McKenzie, says the company is aiming to raise $37.44 million in new investor capital by December 7, to assist with the acquisition of two quality industrial properties for its portfolio. 

These are 33 Vickery St, Hamilton, tenanted by Alto Packaging; and 31 El Prado Drive, Palmerston North, which is the international distribution centre for EziBuy.

Pacific Property is offering investors 36 million shares, at $1.04 cents each, targeting a gross cash distribution return (net of expenses but before tax) of 7.25 cents-per-share for the full financial year to March 31, 2020.

The minimum investment is 20,000 shares ($20,800), with multiples of 10,000 shares ($10,400) available thereafter.