Sharechat Logo

Winton Announces Establishment of Fund

Friday 19th August 2022

Text too small?

Winton in pleased to confirm it has entered into a binding transaction with MaxCap New Zealand Limited to establish the Winton / MaxCap Medium Density Development Fund (the Fund). The transaction remains subject to the Fund obtaining any consents required under the Overseas Investment Act 2005.

The Fund is a $200m equity investment vehicle that will focus on the acquisition and construction of townhouse and apartment developments throughout New Zealand’s metropolitan centres. Winton will contribute up to $50m of equity to the Fund, with the balance to be contributed by a MaxCap investment vehicle. In addition to the return on its equity, Winton will receive a fund management fee equal to 1% of the funds under management, plus an incentive fee equal to 20% of all profits.

Chris Meehan, CEO of Winton said: “We are delighted to partner with a quality institutional party such as MaxCap and we look forward to developing a lasting relationship. Both parties believe this is an opportunistic time to be entering the market to purchase townhouse and apartment development sites.

The establishment of the fund further diversifies Winton’s capital sources and income streams. MaxCap’s commitment to the fund provides further credence to Winton’s position as New Zealand’s leading residential developer.”

MaxCap Group Co-founder and Executive Director, Brae Sokolski, said, “MaxCap is incredibly proud to be partnering with Winton to deliver this ground-breaking new fund. Together, we’re making a clear statement to the market that we are committed to funding and supporting New Zealand real estate long-term. MaxCap has a long history of successful alignment with leading real estate players and in Winton we are backing an outstanding operator and the pre-eminent residential developer in New Zealand.”

Ends.

Announcement of Establishment of Medium Density Development Fund



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

December 6th Morning Report
December 5th Morning Report
Kiwi Property launches Green Bond offer
TEM - Transaction in Own Shares
December 2nd Morning Report
MWE - Intention to De-list from the NZX Main Board
KMD Brands announces Release of Climate-Related Disclosure
Rua Bioscience expands product range in New Zealand
SPG - HY25 Interim Results
PaySauce FY25 Half Year Result and Interim Report