PHOTO: SUPPLIED Christchurch’s Vodafone Innov8 office building has been the South Island headquarters for Vodafone for four years.
Unlisted commercial property fund manager PMG is inviting investors to take a slice of Vodafone’s South Island base.
PMG plans to buy the Vodafone Innov8 building for $58.65 million and add it to its PMG Direct Office Fund. Vodafone began a 12-year lease on the building in 2016.
If the transaction goes ahead, it would increase the fund’s portfolio to eight buildings worth a collective $148.65m , underpinned by income mostly from Government, telcos and professional services.
Chief executive Scott McKenzie said some people might ask why the purchase was going ahead now, but there was no need to wait.
”The Vodafone property is one we have been working on for over six months and aligns with our strategy to acquire quality properties.”
Innov8 was a near new building, near to key amenities and transport links, in a market where office tenants would increasingly seek quality buildings.
”We do and always have, invested for the long term. We are not in the business of trying to pick the top and bottom of economic cycles,” McKenzie said.
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