Property investor and developer Willis Bond and Co has received the backing of the New Zealand Superannuation Fund, which will inject $30 million into the firm's private-equity real-estate fund.
The fund, called Willis Bond Capital Partners, raised $128 million to invest in industrial developments, or mixed residential-office-retail developments, in Wellington and Auckland.
Willis Bond managing director Mark McGuinness says the fund is likely to invest in five to eight projects, committing between $15 million and $25 million to each one.
Mr McGuinness says there's demand for capital for good-quality developments, and the fund is well-placed to provide cash and use Willis Bond's expertise in the property development sector.
He says backers include up to 60 wealthy and sophisticated investors, while Willis Bond will itself invest about $12.5 million in the venture.
