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Nido investors facing losses: lender strikes $46.3m conditional property sale
5 May, 2021 01:00 AM
4 minutes to read
NIDO shows off NZ s biggest furniture store, planned to open soon. Julian Bottaro of Nido was filmed in the unfinished project late last year. Video / NIDO
NIDO shows off NZ s biggest furniture store, planned to open soon. Julian Bottaro of Nido was filmed in the unfinished project late last year. Video / NIDO
Investors in a planned large-scale retail homeware store face losses after the building s conditional sale for $15.7 million came in well short of what was raised to buy the property. Neil Tuffin, managing director of
Nido investors fail in attempt to convert shop into smaller tenancies, mortgagee sale proceeds
28 Apr, 2021 08:50 PM
4 minutes to read
Nido furniture and homewares store in Henderson, now shut for weeks. Photo / Hayden Woodward
Mortgagee PearlFisher Capital has refused an offer to convert west Auckland s failed Nido shop into multiple tenancies to generate money for investors in the $62 million property investment scheme which owns the land and building.
Jodi Tuffin, investor relations manager at Maat Group, which sold sales in Nido landlord Central Park Property Investment, told investors the latest rescue plans did not succeed.
The building was to be leased to smaller operators but the lender had not agreed, she said.
Concerns raised as Nido investors canvassed about adding in more money
8 Apr, 2021 05:00 PM
6 minutes to read
Magsons, trading under the Nido brand, collapsed into receivership on Friday. Video / Will Trafford Investors who poured money into a scheme used to fund development of the failed Nido homeware store in West Auckland have been asked if they are willing to commit more funds in order to retain ownership of the building.
This comes as fresh concerns are raised about the original investment scheme that saw retail investors contribute around half of the $62 million raised for the project.
The Nido store was built on land paid for with $30m raised by Maat Consulting through a proportional share ownership scheme and $25m of debt from Pearlfisher Capital, a non-bank lender half owned by investment bank Jarden.
Nido property up for mortgagee sale, third blow for NZ s biggest homewear retailer nzherald.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nzherald.co.nz Daily Mail and Mail on Sunday newspapers.