Peter Masfen may have stepped down from the board of his prized NZX-listed Property for Industry but is still cashing up his own property portfolio.
Late last year he sold 37ha of land in Orewa to a development company, majority-owned by the People’s Republic of China.
The Chinese-owned Changda International New Zealand bought the land for $40 million and plans to create nearly 600 new housing lots on the land, which will require Overseas Investment Office approval to acquire.
Masfen is one of the country's most influential businessmen. In the early 1980s, he consolidated various businesses, land and investments in Collingwood Holdings, which became Corporate Investments, with Masfen the dominant shareholder.
Corporate Investments then became Montana to reflect its most-prized asset. Masfen led the transformation of Montana Wines from local winemaker to a $1 billion international business. He sold his 20% stake in Montana to international conglomerate Allied Domecq for $202 million.
Masfen then steered PFI from being a listed property trust to internalising the management contract in 2017. When his retirement from the board was announced in March last year, the company said that during Masfen’s tenure, PFI’s portfolio grew from 46 properties valued at $209m to 92 properties valued at more than $1.2b while revenues more than tripled to $73.5m.
These days the larger Masfen Group has a diversified portfolio that includes stocks, private equity and property managed by his son Rolf. One of the most valuable assets is a half-share in the giant Mount Linton Station in western Southland, which covers 13,365ha.
2018: $530 million