- Real Estate Investment Trust (REIT) 360 Capital (TOT) has taken over 50 per cent of New Zealand real estate fund manager PMG
- Under the deal, 360 will fork out NZ$13.3 million (roughly A$12.5 million) in cash and offer as much as NZ$4.2 million (about A$4 million) extra over the next two years depending on financial milestones
- TOT will also provide a NZ$10 million (around A$9.4 million) underwriting facility to further financially support PMG
- 360 Capital Reit (TOT) is currently trading in the grey at 88 cents
Real Estate Investment Trust (REIT) 360 Capital (TOT) has taken over 50 per cent of New Zealand real estate fund manager PMG.
TOT has offered NZ$17.5 million (approximately A$16.5 million) for the stake, with NZ$13.3 million (roughly A$12.5 million) paid upfront and a potential NZ$4.2 million (about A$4 million) offered over a two-year period depending on key financial milestones.
PMG is a leading real estate fund manager with over NZ$665 million (approximately A$617.22 million) worth of real estate funds under management.
The partnership provides TOT the opportunity to expand across New Zealand and invest in commercial and industrial real estate transactions.
TOT has committed a NZ$10 million (around A$9.4 million) underwriting facility to support PMG’s NZ$108.1 million (roughly A$100.33 million) acquisition of commercial and industrial assets across New Zealand.
“In line with TOT’s refined equity strategy, this investment provides TOT with exposure to a growing real estate investment platform and the opportunity to invest in direct real estate assets along with underwriting the growth of the PMG platform. TOT remains well capitalised with no gearing and a focus on growing 360 Capital’s real estate strategy,” commented 360’s head of Real Assets, James Storey said.
360 Capital Reit (TOT) is currently trading in the grey at 88 cents at 3:30 pm AEDT.