The NZX-listed firm allies with an Australian lender to "pounce" on some opportunities in a slowing market
Winton Land has partnered with Australian lender MaxCap for a new $200 million development fund that will be focused on apartments and townhouses throughout New Zealand’s main centres.
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Through the fund, of which up to $50 million in equity will come from Winton and the rest from MaxCap, the NZX-listed property developer hopes to seize on the challenging market conditions.
“We think the current challenges in the market gives us a great opportunity to pounce on some opportunistically cheap sites,” Winton Chief Executive Chris Meehan told RNZ. “People are struggling, some weaker developers are finding it tough, and we think we can buy sites from both weaker developers and some lenders at the right price.”
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Brae Sokolski, MaxCap co-founder, said the fund demonstrated the two parties’ commitment to supporting New Zealand's real estate in the 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," Sokolski told RNZ.
