Stonewood Homes and Key Family join forces to raise $100 million in capital


Family-owned property development company, MTK Capital, led by former Prime Minister Sir John Key and his son Max, has partnered with Stonewood Group to form Stonewood Key Capital.

The joint venture is focused on raising capital from wholesale investors, with the goal of reaching $100 million within 18 months.

The $20 million already pledged is for projects under development in various locations including St Heliers, Glenn Innes and Wai O Taiki Bay.

Stonewood Group Director John Chow, co-owner of national group house builder Stonewood Homes, said lack of land continues to be at the heart of New Zealand’s housing crisis.

“This activity aims to help raise funds to buy more land and keep pace with demand for new homes across New Zealand, while providing an investment opportunity for those interested in the residential real estate.”

Stonewood Key Capital will fund up to 500 development homes each year across New Zealand.

Building projects will be able to draw on Stonewood Homes’ existing supply agreements with suppliers, with work being channeled through its nationwide network of 19 franchisees as leading builders of choice. This is in addition to the 500 new homes a year that Stonewood is currently building.

“The partnership with Max and John Key adds a new dimension to Stonewood Group and is an exciting new chapter in the development of our business,” said John Chow. “I am very impressed by their vision and their dynamism. »

Sir John Key said he had always had a passion for property investment and saw it as an extremely strong asset class in a growing country like New Zealand, which has migration needs to long term.

“New Zealand, with its historically strong land democracy and migration patterns, makes property development a sought-after asset class.”

He said he has known the Chow family for a long time and respects their business acumen, attention to detail and work ethic.

MTK Capital CEO Max Key has led several successful developments in recent years. He said the partnership is a way to boost the company’s residential development interests, while providing housing and investment opportunities to a wider group of Kiwis.

“Stonewood Homes’ proven track record, new construction expertise and supply strength means Stonewood Key Capital can really get going.”

The directors of Stonewood Key Capital are Max Key and Steven Zhu, director of the Stonewood group, John Key and John Chow being both investors in projects and advisors to the company.

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