New Willis Bond fund seeks $400m in property acquisitions
Willis Bond is delighted to publicly announce the establishment of its fourth major development fund – Willis Bond Capital Partners IV. The Fund has raised $172 million of private equity with the capacity to acquire up to $400 million of value-add and development property assets.
A broad mixed-use expert, Willis Bond has developed everything from bare land sites to dilapidated wharves, waterfront warehouses, old department stores, heritage locations, and existing commercial buildings.
This flexible approach has delivered landmark new builds such as its multiple award-winning Wynyard Quarter apartment projects and commercial projects such as the PwC Centre and Bell Gully Building in Wellington and is a core strength that the company is now leveraging to secure projects for its new Fund.
Fund chairman and Willis Bond executive chair Mark McGuinness says, “Our versatility will serve us well as we move through the property cycle. We are deal-driven and open to a variety of opportunities, from new builds to refurbishment options across all market sectors.
“Whilst we recognise there is currently uncertainty in the market, we take a long-term view and anticipate that the market will present some interesting project opportunities for adding value through active management and development.
“We’re looking to acquire several new opportunities over the next year or so, and we’re keen to hear what the market has to offer,” says McGuinness.
The company’s core project portfolio is focused in Auckland, Wellington, and Tauranga but it is open to investing in any high-growth area nationwide.
It is also focused on delivering assets fit for a low-carbon future.
“We’re about to start construction on the largest mass-timber office building in New Zealand - 90 Devonport Road - which we are delivering for the Tauranga City Council. We also delivered the first and largest Homestar 7-rated apartment building in the country at Wynyard Quarter along with several other green developments in other centres.
“Equally we are focused on how we can reduce embodied carbon by reusing existing building structures and employing gold-standard structural strategies so that our projects stand the test of time,” explains McGuinness.
The establishment of Willis Bond Capital Partners IV follows the 2020 launch of Willis Bond’s $250 million Property Investment Fund.
Property Investment Fund is a secure, long-term yielding, property investment vehicle that lets businesses divest assets and release capital, while dealing with a secure, long-term landlord and tailored terms suited to their needs.
With the launch of Willis Bond Capital Partners IV, Willis Bond has now raised nearly $800 million in private equity to fund its high-quality, mixed-use developments through its five investment funds and a core investment base of high-net-worth individuals.
The Fund’s team has extensive experience in both property development and investment through Willis Bond’s 30+ year track record in award-winning developments.
A render of Willis Bond’s 90 Devonport Road development, Tauranga