Tauranga-based Property Managers Group has closed its largest combined offer, raising more than $44 million in five weeks across two of its managed investment portfolios, says chief executive Scott McKenzie.
The portfolios are Pacific Property Fund and a new dedicated office managed investment scheme, PMG Direct Office Fund.
The capital raised was three times more than previous offers the company has taken to market, said Mr McKenzie.
"Nearly 30 per cent of the funds raised came from investors who are new to Property Managers Group and who have not invested in any of our investment portfolios previously, while nearly $32.5m was raised from existing investors," he said.
Property Managers Group plans to settle the 11 acquisition properties before Christmas, with three properties added to Pacific Property's existing portfolio, and eight going into the new PMG Direct Office Fund.