The Wellington based private investment group for Troy Bowker and Matt Fraser today announced the purchase of two commercial properties with a combined price of $16.5m. Another purchase for $14.4m is under contract.
Caniwi purchased 1 Annie Huggan Grove in Petone, Wellington leased to The Warehouse Limited from ING Property Trust. Mr Bowker said today “This property is in an excellent location and is strategically placed to take advantage of the growth that we fully expect to see in the Petone/Lower Hutt area over the next decade. The Warehouse is obviously a great tenant from a number of aspects. Their current lease has 7 years to run but they have a number of renewal rights taking them out to 2031”.
Peter Mence, General Manager of ING Property said “the sale of this property is part of the announced strategy of reducing leverage and the continued re-balancing of the portfolio. It was a pleasure dealing with Troy and Matt at Caniwi and the transaction was conducted professionally and efficiently”.
The other property purchased recently by Caniwi is Mitre 10’s national headquarters located at 46 View Road, Glenfield, Auckland. Mr Bowker sees Mitre 10 as a very strong company with excellent short term security and long term prospects. “Mitre 10 ownership structure as a co-operative with over 120 shareholders representing the local owners of stores all over New Zealand means that they are perfectly placed from a balance sheet and equity perspective to weather the current economic climate”.
Ryan Johnson, Wellington Regional Managing Director of CBRE Richard Ellis said today “Caniwi Capital has entered the New Zealand property market as a new comer but has quickly established itself as a professional company with a unique approach to property investing based on the respective background’s of Mr Bowker and Mr Fraser. They have a great deal of integrity with the way they approach transactions and their lean corporate structure means decisions are made very quickly”.