Tak Development is owned by the giant Japanese Takenaka Corporation.
Properties sold off but rentals only fell $1.6 million.
High valuations made profits soar.
Two short leases hurt Investore's property value but investment in an existing site saw its total portfolio value rise.
Could directors be jailed for trust breach?
It makes sense to invest public funds in profitable New Zealand ventures rather than passive funds on Wall Street.
Developer Martin Kells did not respond to notices and repeated demands to pay debt.
Auckland Council wants to hike retail development contributions by 500%.
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The fund is looking to add two industrial properties to its portfolio.