Commercial property so far unscathed in slowing economy
/ Augusta News
BERNARD HICKEY | NEWSROOM
Interest rate cuts are a sign the New Zealand economy is slowing down, but property fund manager Augusta says it's not seeing any serious impact on its commercial tenants.
Managing director Mark Francis says there is still “genuinely good underlying performance across the board”.
Augusta manages $1.8 billion in funds, and Francis keeps a close eye on key demographics.
“We still love the tourism numbers and net migration is still positive.”
Francis says there are still bright spots in the retail sector although parts of it are challenged.
“We are seeing separation in the market between malls which seem to be really unloved at the moment, and the big box retail space which has still got pretty good support.”
In this interview with Newsroom’s Bernard Hickey, Francis discusses the NZX-listed Augusta’s transition from a listed property trust to a property funds manager, and its plans to launch tourism and retail funds.
Newsroom Pro has a content partnership with Augusta