PMG Property Funds Management Ltd put a hold last week on applications to invest in its unlisted Pacific Property Fund Ltd because of the high level of interest in it.
PMG launched the $42 million capital-raising on 6 August, to buy the 3ha Seaview industrial park in Wellington.
The yield on total current rent of $4.35 million is 7.75%.
The company issued a statement last Wednesday telling investors about the hold: “Allocations have been filling faster than we expected. Due to this, from today we will be placing a hold on accepting new applications. Applications that we have received today will continue to be processed.”
The offer was due to close on 25 September, but PMG said it was likely to close early.
The solution for disappointed investors was to call PMG’s investor relations manager to discuss other investment opportunities with the company.
9 August 2019: PMG opens capital-raising for Seaview industrial park
Attribution: Company release.