Trust Investments Property Fund Acquires 421 East Tamaki Road
After nearly a year of discussions with the Receiver for Pumpkin Patch, Trust Investments Property Fund (“Property Fund”) and the St Johns College Trust Board (“SJCTB”) – as 50/50 owners of 433, 439 & 441 East Tamaki Road, has purchased the Freehold land at 421 East Tamaki Road.
421 East Tamaki Road is a sealed car park that the Property Fund and SJCTB had rights to partially occupy under an easement structure. The site has an area of 5,774 sqms and there are 134 car parks onsite that are allocated to Maori Television Service (“MTS”) as part of its 15 year lease at 433 East Tamaki Road.
The Receiver identified that the site had development potential ie there is surplus land available. The benefit for the Property Fund and SJCTB in purchasing the Freehold interest is obtaining full control of the site, subject to the obligations to MTS under its car park lease.
There is the ability to either develop part of the site with a building or the ability to create additional car parks to enhance the attractiveness for the future leasing of 439 East Tamaki Road.
We see this as a strategic purchase and an opportunity to add value to the investments sites already held. The purchase was via a market based tender process.
Under the Financial Markets Conduct Act this communication may be deemed to be an advertisement for an offer of units. Trust Investments Management Limited is the issuer of the units to be issued under the offer to which this advertisement relates. A product disclosure statement for the offer, which sets out the terms and conditions of the offer, is available, and can be obtained at www.trustmanagement.co.nz/investment-products.