Commercial

Aussie manager buys into PMG

Australian-based investment and funds manager, 360 Capital has taken a 50% stake in NZ funds manager PMG Property Funds Management.

Friday, February 19th 2021

The 50% equity partnership through PMG’s parent company PMG Holdings has taken 12 months to put together. It completes chairman Denis McMahon’s long held wish for the “type of strengths 360 Capital bring to the table”.

PMG has more than $500 million under management through a range of unlisted property funds while 360 Capital has A$444 million in FUM. It buys Australian real estate assets, invests in Australian equities, unlisted private companies and senior and junior corporate debt.     

PMG chief executive Scott McKenzie (pictured) says the partnership strengthens the fund’s ability to acquire high-quality New Zealand properties. It also provides greater performance and resilience to its funds and investors, he adds.

“For our tenants, it means we can continue to be a landlord of choice, ensuring their spaces are fit for purpose now and for their businesses in the future.”

PMG’s existing management team will remain the same. With day-to-day operating and management decisions being made by McKenzie, chief financial officer Nigel Lowe, and head of investment Daniel Lem.

McKenzie, Lowe and McMahon will remain on the PMG board. Dr Wayne Beilby will also remain on the board as an independent director. Founder and chairman of PMG, McMahon, will remain as chairman.

An additional independent director and three members of the 360 Capital team will join the board. Adding to PMG’s property funds management experience and governance capability.

McMahon says one of the catalysts for 360 Capital’s interest in partnering with PMG has been how the company has managed through the uncertainty of the past 12 months.

He says although PMG has been approached by a number of firms wanting to work with it over the past few years, the company never felt it had met a partner who shares its values until it decided to work with 360 Capital.

“The partnership will enhance PMG’s ability to continue to sustainably meet our strategic goals in what is an uncertain economic environment.”

Head of real assets for 360 Capital, James Storey, says the company is excited about partnering with PMG – considering its solid performance and history over the past 29 years, and the potential it sees for investors long term.

“Like PMG, we are a high conviction investor, focused on long-term sustainable returns for investors,” says Storey. “As an equity partner, we will bring further opportunities and add value through our many years of investment and governance experience to PMG's already strong funds management business.”

Comments

No comments yet

Heartland Bank - Online 1.85
HSBC Premier 2.19
HSBC Special 2.25
Kainga Ora - First Home Buyer Special 2.25
ICBC 2.35
SBS Bank Special 2.49
TSB Special 2.55
ANZ Special 2.60
China Construction Bank Special 2.65
The Co-operative Bank - First Home Special 2.65
The Co-operative Bank - Owner Occ 2.85
Heartland Bank - Online 2.35
HSBC Premier 2.45
China Construction Bank Special 2.65
ICBC 2.75
Resimac 2.79
SBS Bank Special 2.89
TSB Special 2.95
Select Home Loans 2.99
Bluestone 2.99
ANZ Special 2.99
Kiwibank Special 3.15
China Construction Bank Special 2.99
HSBC Premier 3.19
Select Home Loans 3.54
Bluestone 3.54
Resimac 3.54
ICBC 3.75
SBS Bank Special 3.79
TSB Special 3.99
BNZ - Classic 3.99
Kiwibank Special 4.19
Kainga Ora 4.22
ANZ Blueprint to Build 1.68
ASB Back My Build 1.79
Heartland Bank - Online 2.25
Resimac 3.39
Bluestone 3.49
Select Home Loans 3.49
ICBC 3.69
Kiwibank Special 3.75
Kiwibank 3.75
Kiwibank - Offset 3.75
The Co-operative Bank - Owner Occ 4.40

More Stories

Rent levels countrywide

Friday, September 24th 2021

Rent levels countrywide

Median rent levels around the country have been examined in the latest Regional Property Insights report by independent economist Tony Alexander and First Mortgage Trust.

Investors continue to shy away from buying more property

Thursday, September 23rd 2021

Investors continue to shy away from buying more property

A net 56% of mortgage advisers are seeing fewer investors stepping forward for mortgage advice, data from the First Mortgage Trust and Tony Alexander September survey shows.

Rents remain at all-time highs

Friday, September 17th 2021

Rents remain at all-time highs

Nationally rents remained at an all-time weekly high of $550 in August despite the country entering a nationwide lockdown.

What office staff expect in a workplace

Friday, September 17th 2021

What office staff expect in a workplace

The office is no longer a place to be anchored at a desk whilst trying to block out the background buzz to meet deadlines.