Alert: Winton Land (WIN.NZX, WTN.ASX)
Company Announces Joint Venture Vulture Fund
Note:
All figures are in NZD (New Zealand dollars).
Trading Today
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Vulture Fund
One of the companies we cover, the NZX- and ASX-listed Winton Land has announced before trading today the creation of a joint [vulture] fund to purchase land and partial developments from both distressed New Zealand developers and lending institutions.
The joint venture partner is Maxcap New Zealand and the $200 mn equity fund is called Winton/MaxCap Medium Density Development Fund.
WIN will invest up to $50 mn in equity in the new venture.
Winton chief executive Chris Meehan stated:
"We think the current challenges in the market gives us a great opportunity to pounce on some opportunistically cheap sites …"
"People are struggling, some weaker developers are finding it tough, and we think we can buy sites from both weaker developers and some lenders at the right price."
(Source of Quotes: Radio New Zealand rnz.co.nz 19.8.22)
The establishment of the fund is subject to approval under the Overseas Investment Act 2005.
(Italics in text are our comments).
FY22 Results
WIN will announce its latest results for the financial year ended 30.6.22 on 24.8.22 and we'll complete an analysis when their financial statements are made available.
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