The Bargains Are Still Out There

High flyer makes a big acquisition
By Colin Taylor <
Wednesday Sep 19, 2012

A firm which has been under the radar for 30 years makes its 550th buy.

A North Shore-based company with a client list comprising many senior flight crew members formerly employed by 17 airlines worldwide, has just landed its 550th acquisition after flying under the radar for the past 30 years.

In a deal negotiated by Savills joint managing director Paddy Callesen and capital transactions broker Kevin Richards, Viranda Holdings has purchased Merial Tower at 2 Osterley Way, Manukau, for $9 million at a yield of 9.4 per cent.

Viranda’s managing director Mark Bridgman says the company’s other clients include health professionals, engineers, senior executives and retirees.

“The business has gone through changes in style since it started in 1986, but the fundamental principles of research, analysis and management of properties for its clients have not changed,” says Bridgman. “We provide a plethora of objective and independent reporting that verifies the quality of the asset we are putting clients into, whether it’s in Auckland or Invercargill.”

While Viranda fronted the purchase of Merial House, the buyers were expat Kiwis living in Vietnam and Australia, who not only had an existing long-term relationship with Viranda but were also clients of Savills.

Link

http://www.nzherald.co.nz/commercial-property/news/article.cfm?c_id=28&objectid=10835071

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