Announcement
GENERAL: WIN: Winton Announces Establishment of Fund
08:30am
WIN
19/08/2022 08:30
GENERAL
NOT PRICE SENSITIVE
REL: 0830 HRS Winton Land Limited (NS)
GENERAL: WIN: Winton Announces Establishment of Fund
WINTON ANNOUNCES ESTABLISHMENT OF MEDIUM DENSITY DEVELOPMENT FUND
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.
For investor or analyst queries, please contact:
Jean McMahon, CFO
+64 9 869 2271
investors@winton.nz
For media queries, please contact:
Hugo Shanahan
+64 275 111 561 / hugo@shanahan.co.nz
About MaxCap Group
MaxCap Group is one of Australia's leading Commercial Real Estate financiers
and is an established investment manager for domestic and global institutions
with Funds Under Management and Advice of circa $7bn, having invested more
than $15bn across more than 530 investments since inception in 2007. MaxCap
New Zealand is a joint venture established between MaxCap Group (50%),
Bayleys Real Estate Group (25%) and Forsyth Barr (25%) in 2019.
About Winton
Winton is a residential land developer that specialises in developing
integrated and fully masterplanned neighbourhoods. Across its 14
masterplanned communities, Winton has a portfolio of 27 projects expected to
yield a combined total of circa 7,000 residential lots, dwellings, apartment
units, retirement village units and commercial lots. Winton listed on the
NZX and ASX in 2021. www.winton.nz
End CA:00397204 For:WIN Type:GENERAL Time:2022-08-19 08:30:53
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