Property fund manager Pro-Invest Group, which has about $3 billion of assets under management, has booked a hefty write-down against one of its unlisted hotel funds as a result of New Zealand’s softening tourism sector, sparking investor criticism.
The net value of Pro-Invest’s six-asset Australian Hospitality Fund 11, which holds a mixture of Australian and New Zealand hotels, had slumped to $117.9 million by the first quarter this year, less than half the value of the fund’s committed capital of $255.7 million, according to confidential quarterly reports obtained by The Australian Financial Review.
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