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Hot Topic NBR Focus: GMO
Hot Topic NBR Focus: GMO
Property
3 mins to read

Du Val to finally consult with BTR investors as lender walks

Du Val fund manager calls for an 11th hour meeting with its build-to-rent investors as its main lender looks set to pull loan.

Du Val BTR general partner Owen Culliney.

Key points
  • What’s at stake: Du Val has called investors in its build-to-rent fund into a hastily-arranged briefing to discuss the future of the fund, as its biggest lender has called its 50% loan on the fund.
  • Background: The fund, valued at $34m, is backed by two Auckland rental properties with 171 apartments. Its main lender, China Construction Bank, put up half the original funds, but the loan expires on June 30.
  • Main players: Du Val Group, China Construction Bank, Kenyon and Charlotte Clarke, Owen Culliney, John Dalzell, Jeremy Johnson.

The managers of Du Val’s build-to-rent fund have called the first meeting of its partners since the inception of the fund almost three years ago, less than two weeks before the expiry of its loan from China Construction Bank on June 30.

In a letter to the partners this week, Du Val BTR general

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Brent Melville Thu, 30 May 2024
Contact the Writer: bmelville@nbr.co.nz
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Key points
  • What’s at stake: Du Val has called investors in its build-to-rent fund into a hastily-arranged briefing to discuss the future of the fund, as its biggest lender has called its 50% loan on the fund.
  • Background: The fund, valued at $34m, is backed by two Auckland rental properties with 171 apartments. Its main lender, China Construction Bank, put up half the original funds, but the loan expires on June 30.
  • Main players: Du Val Group, China Construction Bank, Kenyon and Charlotte Clarke, Owen Culliney, John Dalzell, Jeremy Johnson.
Du Val to finally consult with BTR investors as lender walks
Property,
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