Property Managers Group (PMG) has purchased Kelston Shopping Centre in West Auckland - the company's largest single acquisition in 25 years.
PMG purchased the asset on behalf of one of its diversified investment funds, Pacific Property Fund Ltd (Pacific Property) and the deal went unconditional last week.
In September PMG will disclose the price paid for the shopping centre when it registers a Product Disclosure Statement and invites investors to participate in a Pacific Property share offer.
The CEO at Property Managers Group, Scott McKenzie, says acquisition of the Kelston Shopping Centre heralds an exciting opportunity for investors.
"Located on the corner of two main arterial routes in West Auckland, just off the southwestern motorway and only 15 mins to the CBD, the surrounding area is now predominantly designated under Auckland's Unitary Plan as Terrace Housing and Apartment Buildings," McKenzie points out.
"The primary catchment area is expected to grow by 29 per cent to 42,000 by 2043. And within this catchment, local resident purchasing power is estimated to increase 17 per cent from $780 million in 2014 to $910 million in 2031."
PMG manages $250 million of commercial property assets in Northland, Auckland and the Bay of Plenty.