Conrad Properties Limited partners with TAM Bermuda

[Richards009]

Conrad Properties Limited partners with TAM to form an investment partnership arrangement to raise the private equity for their seams fund. They call it a strategic investment partnership arrangement.
I recently came to know about the same through a newspaper. TAM is Tribley Asset Management based in Bermuda.


Bermuda is an overseas territory of the United Kingdom, located in the North Atlantic and connected by excellent air transport links to the UK, the USA and Canada.

Conrad has completed in excess of 3,500 residential and commercial units, headquartered in Hamilton Bermuda, with offices also in Sydney, Vancouver and Auckland. Let us see how this gonna help their business.

[Bob Kane]

Conrad has completed in excess of 3,500 residential and commercial units, headquartered in Hamilton Bermuda, with offices also in Sydney, Vancouver and Auckland.

They have about a 1000 unhappy clients in NZ who have lost a fortune investing in Conrad's cheap and nasty apartments.

[mattinvestor]

is that from experience bob? you worked with them before?

[Krish Van Colombo]

Hi,

I would love to hear about the '1000 unhappy clients' more.

Cheers.

[Bob Kane]

Conrad built a few thousand cheap and nasty apartments in Auckland.
They employed shady salesmen to flog them off with claims of 'will rent for $400 per week' and sold them for $300,000 to unsuspecting mums-and-dads investors in NZ and Australia.
After they were built these new owners discovered they could only get $300 per week rent.

When these investors tried to sell, they discovered a huge drop in value - often selling for $120k-150k.

There have been posts/threads on Propertytalk from these unfortunate investors if you wish to search further.
Here's an example of a Conrad apartment investment - the price has risen slightly but still only rents for $300 per week:

http://www.trademe.co.nz/property/residential-property-for-sale/auction-693749529.htm

[Krish Van Colombo]

Thank you very much for prompt response Bob Kane (good timing).

Motive to search info was based on this http://www.theivory.co.nz/