Prime Reaches Agreement With Oyster Group

Prime Reaches Agreement With Oyster Group

Prime Retail Management Ltd and the Oyster Group today announced that they have reached an agreement under which Prime will acquire Oyster’s management business (Oyster Management Ltd), and the companies will partner future syndication activities. The sale price was not disclosed.

Prime Retail Management manages a comprehensive portfolio of specialist retail properties throughout New Zealand, including the successful Dress-Smart outlet chain.

The Oyster Group specialises in syndicating and managing quality properties for investors and has a portfolio of properties across the North Island ranging from commercial office buildings through to industrial and retail property.

“We currently have over 600 investor clients many of whom invest in multiple properties. The Oyster portfolio is currently valued at over NZD$250M, with gross rentals exceeding NZD$25M per annum,” said Oyster Managing Director Mark Winter.

Mark Winter and Heather Coyne who established the Oyster Group in 2004 will remain directors of both Oyster Management Ltd and Oyster Property Group Ltd.

Prime Retail Management Chief Executive, Mark Schiele, said the Prime team is thrilled at the agreement with Oyster, as both organisations bring complementary skills to the mix that will significantly benefit all clients.

“We have a proven track record in the area of property management that will further strengthen the Oyster Group. Oyster has strong skills in the area of property syndication which will greatly enhance our knowledge base. Both Prime and Oyster see this as a win-win situation for all involved and are looking forward to working together for the benefit of our clients.”

ENDS

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