Property Income Fund (PI) has entered into an agreement to acquire 90 Devonport Road, a landmark development by Willis Bond in Tauranga. Once complete, it will be New Zealand’s largest modern mass timber commercial office building.
Tauranga City Council (TCC) has committed to a 15-year net lease, and construction is set to begin in early 2023, with completion targeted for early 2025. PI will make progressive payments as the building is constructed and will earn a competitive coupon on funds invested until the building is completed and occupied by TCC.