Northlake by Winton Capital in Wanaka. Photo / provided
Low-key residential developer Winton Capital is reviewing the listing on the NZX, revising its financial structure and could ask for up to $ 400 million.
The company is considering the best way to raise funds to finance the expansion of its retirement village and may want to raise between $ 200 million and $ 400 million in new equity to accelerate its development plans, which focus on the village sector. retirement.
“Winton, one of New Zealand’s largest private developers of residential and retirement properties, confirms the company is actively reviewing its capital structure, which includes the possibility of an NZX listing to accelerate long-term development plans. term of the company, “a statement said today. .
The company, which this month launched plans for a new solar-powered subdivision in South Auckland, owns 640 ha of land in Auckland, Christchurch and Central Otago and has 29 projects planned in 13 areas.
Chris Meehan, Founder and CEO of Winton, said: “Our vision is modeled after the high performing operators of Mirvac and Stockland in Australia.
He founded Winton in 2009 after selling the Belle Property real estate franchise he established in Sydney in 1999.
“For a company like Winton, we need to have a decades-long view of the market and have a capital structure capable of realizing the ambition of becoming New Zealand’s leading developer of residential and premium retirement,” Meehan said. .
Former Summerset Group CEO Julian Cook has joined the board.
“We are also looking at options to bring new shares in the company, alongside existing shareholders who will retain all of their existing interests, ranging from a possible listing on the NZX, securing one or more large fundamental institutional investors up to private equity financing. Grant Samuel, Jarden and Forsyth Barr have all been nominated to support this workflow, ”Meehan said.
The Winton Development Pipeline aims to develop work on approximately 7,500 residential lots and housing, apartment units and retirement village units. More than $ 680 million in gross pre-sales were obtained last month.
Winton is developing projects in Wanaka, Arrowtown, Christchurch and Auckland in Launch Bay and Wynyard Quarter.
“It is delivering 917 retiree living units and 186 care suites in its existing retirement plans by FY27, with its first residents on track to occupy a Northbrook retirement village during FY24” , indicates a press release.
Northbrook’s website lists properties in Wanaka, Arrowtown, Launch Bay in Hobsonville Point, Avon Loop in Christchurch, and Wynyard Quarter in Auckland.
Julian Cook said: “Northbrook’s premium retirement offering will be welcomed by a growing segment of the retirement market that is currently not well served. I look forward to playing a leading role in creating premier retirement communities, providing luxury living for our later years. “
Not all of Winton’s plans have thrilled everyone.
Last year, the Herald reported on a Winton ploy that worried residents.
Kāinga Ora is funding the bulk of Winton’s controversial Te Kauwhata project, which will nearly triple the size of the northern city of Waikato, he said last June.
But residents of the rural 1900 town have expressed concern over the development – dubbed South Hobsonville Pt – saying it will change the character of the town and make it too big too quickly.
Kāinga Ora has said he will purchase 1,303 of the 1,600 bundles of the new development from developer Winton over the next seven to eight years.
Two years ago, the Herald reported on affordable homes Winton built whose headline said no one wanted.
Six new affordable KiwiBuild homes in Winton’s Northlake in Wanaka weren’t sold despite being marketed for months for just $ 565,000 to $ 635,000.
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This notice was published: 2021-10-12 20:23:32