Property Funds Management Limited has acquired Anderson Lloyd House in Christchurch, paying $27 million, representing a 5.45 per cent yield for the premium post-earthquake CBD office building. The sale to Property Funds Management Limited (PMG), an unlisted commercial property fund based in Tauranga, was brokered by Mark Macauley, Colliers International investment broker and general manager in Christchurch. Anderson Lloyd House, which comprises 3300sqm across six levels, was built by local developer Amherst Properties and is anchored by blue chip tenants: Mediterranean Shipping Company, Anderson Lloyd and the building’s engineers, Lewis Bradford. Macauley said that PMG had a clear set of investment criteria to which Anderson Lloyd was perfectly suited. Pacific Property Fund – New Zealand’s largest and most diversified unlisted commercial property fund–will be looking to raise capital in March to help finance the acquisition of Anderson Lloyd House and five other properties.

Source: Stuff February 04, 2021 23:26 UTC