Australian-headquartered property group, Vinta, will launch its first NZ open-ended wholesale fund this quarter after clearing a final regulatory hurdle.
In March the Overseas Investments Office (OIO) approved plans to tip the group’s three Wellington commercial property assets – currently held by Vinta subsidiary Talavera Property – into the proposed new fund.
Michael Holloway, Vinta NZ head of funds management, said the wholesale product was now on track for release by the middle of the year.
Holloway said Vinta hoped to tap into burgeoning NZ investor demand for alternative assets.
He said Vinta would target institutional investors including KiwiSaver schemes, charities, high net worth individuals, community trusts and Iwi.
“The Fund is only suitable for wholesale investors who do not require disclosure under Part 3 of the Financial Markets Conduct Act 2013,” Holloway said. “The Fund is an NZ domiciled fund holding NZ assets. NZ investors are the primary target, however, offshore investors can participate.”
According to Holloway, Vinta would adopt a “multi-channel” distribution strategy via high net worth intermediaries, asset allocaters as well as direct-to-investor.
While the OIO approval concerns Vinta’s three Wellington properties – 13-27 Manners St, 33 Bowen St and 110 Featherston St – he said the fund could include other assets.
“At this stage we cannot disclose full details, however, the seed portfolio is all NZ based,” Holloway said. “The fund will have a mandate to grow over time.”
Vinta manages about $800 million of property assets across Australasia including more than $100 million in its NZ portfolio.
The property investment group was founded in the 1950s by the Northern Territory-based Vogliotti family before expanding through Australia and making its first NZ purchase in 2001.
Vinta founded its NZ funds management arm last year, hiring Holloway, former Trust Investments head of property, in May 2015. Last November, Vinta also appointed Fiona Oliver, who previously served in senior roles with BT Funds and AMP, as non-executive chair of the NZ funds management entity.