NZ property targeted by First Capital
First Capital Group has paid $17.8 million for a residential development project in New Zealand in a bid to increase diversification and growth of its portfolio.
It expects the end market value of the single project property development, known as ‘The Oasis’, will be around NZ$96 million.
The purchase is the diversified financial services company’s first foray into the property market, with New Zealand chosen because of a perceived lack of such properties in Australia.
First Capital will be looking at further industrial and commercial acquisitions in New Zealand over the next 12 months.
Managing director of First Capital Les Freeman said entry into the New Zealand property market enhanced the group’s growth strategy and diversification.
A number of staff have also been added to implement the new fund, including a project manager, Shivana Satyan, general counsel, David Grey, and Mark Phillips, managing director of First Capital Securities.
“The property development fund will be a key addition to the group’s assets and assists in diversifying the group’s overall portfolio of investments,” Freeman said.
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