Funds cut payments, hive off assets to survive, until better times come

Fortland Capital said to have closed down. (Image: Fortland)

Mon, 25 Mar 2024

The stress cracks in the unlisted property sector are widening as managers cut investor payments and sell down assets to service debt.Or, as with speculative wholesale fund Fortland Capital, they have simply opted to shut up shop.Fortland, the investment syndication arm of Auckland development firm Citadel Capital, founded by Farhad Moinfar in 2017 – has effectively been wound down and isn’t accepting wholesale investments.Moinfar confirmed the firm wasn't seeking external capital but was progressing its "rezoning acti...

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