Symphony hunts fund management contract

By Christine Nikiel

Friday 28th June 2002

Symphony Group plans to throw its hat into the property funds management ring.

The plan was heralded by the group's unsuccessful bid to take over the Newmarket Property Trust from Sovereign last month.

Director Chris Minty said a formal announcement on a management contract was three weeks away but would not be drawn on any details.

"We believe [over the next few years] the fund management side of property will become very strong," Mr Minty said. "The time is right."

A management contract would secure the group's income stream and ensure funding for future developments.

Meanwhile, market watchers are speculating whether the plan involves a unit trust or group investment fund, whether it will be listed or unlisted and what properties will be in the fund.

Symphony's portfolio includes the AGC building on Auckland's waterfront, 32 Market Pl and Ericsson House in its Domain Centre.

Some said the fund could include the group's Auckland CBD residential developments H47 and The Parc.

Symphony has a swag of construction jobs ready to take off. Work on Building 4 of its Domain Centre by the Auckland Domain is scheduled to start in July, while construction of H47 was scheduled to start on July 15.

The group also announced further stages of The Parc would go on the market in August. These were to be top-end apartments, Mr Minty said, aimed at visitors staying three to four nights. Due to "fairly significant demand" the group was also preparing a resource consent application for a small Viaduct office which would be part of The Parc. The Parc's three residential and two luxury blocks have been completed, with one more luxury and one residential to come.

Meanwhile, the group has been on the hunt for a tourism/lifestyle project for the past 12-18 months and is now in the final throes of securing a site. Its location? "Somewhere in the North Island."

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