Anne Gibson

Anne Gibson is the Property editor of the NZ Herald

PFI unveils Direct Property takeover plan

DHL Supply Chain NZ's Mt Wellington site one of PFI's properties. Photo / Robin Hodgkinson
DHL Supply Chain NZ's Mt Wellington site one of PFI's properties. Photo / Robin Hodgkinson

The manager of an NZX-listed landlord wants to take over an unlisted fund and merge the two to create a larger vehicle with 83 properties.

Wealthy investor Peter Masfen, chairman of Property For Industry which has 50 industrial properties, told NZX this morning of plans to take over the unlisted Direct Property Fund, which has 33 properties.

The two businesses are linked through McDougall Reidy and plans are for the deal to be completed by July 1.

But before then, Deloitte has been commissioned to issue an independent expert report, due out around the end of this month, and shareholders need to approve the deal.

They can expect to get a notice of meeting and scheme documents later next month and take a vote in late June, the NZX notice said.

AMP used to own PFI's manager but a business connected to McDougall Reidy now owns it.

- NZ Herald

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