In mid 2009 CapitalGroup started searching for high quality countercyclical property investments coming to the market due to high leverage and impact of the GFC on global (including NZ) capital markets. In partnership with a highly skilled boutique property company CapitalGroup identified a portfolio of nine Countdown supermarkets which were being put to market by an Australian owned investment fund which was seeking to deleverage in the wake of the GFC. Due to the very tight credit markets, CapitalGroup and its partner was able to negotiate an attractive acquisition price. The acquisition of the portfolio settled in mid 2009 completing what was the largest commercial property transaction in NZ that year.
Following the acquisition CapitalGroup and its partner managed the portfolio and strategically sold the properties into the market as it improved. The last supermarket was sold early 2014.