Bayleys schemes attract $18.1m

Monday 29 March 2004

Bayleys Real Estate in Auckland has raised $18.1 million from investors for syndicate-style ownership schemes which have $32.7 million worth of real estate, according to a senior executive.

By The Landlord

Bayleys executive Jeff Hurt, who is also a director of Investment Property Titles - the Bayleys subsidiary which does the transactions - said five funds had been launched from the Auckland office in the past two years.

These were P&O Cold Logistics, Tyco NZ, Donaghys Industries, Eskimo International Logistics and Scotia Place.

The funds had $14.6 million worth of debt.

Bayleys had multiple roles in these deals, acting as an agent selling the properties, offering a proportionate ownership scheme to investors and then managing the schemes.

Investment Property Titles, which offered the plans and manages the properties, is 70 per cent owned by Bayley Corporation and 30 per cent by Hurt.

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