As the sole owner of United Pacific Corporation, Michael Reid presides over a private investment company with an impressive portfolio of properties in Auckland and Waikato – the centrepiece being the $46m Mitre 10 Mega store on Mt Wellington’s Lunn Ave.
Established in 1983, UPC operated as a financial intermediary and in 1993 acquired Marac Finance, which grew to become one of New Zealand’s leading finance companies before morphing into Heartland Bank.
Claiming to have a ‘significant balance sheet,’ UPC has a focus on strategic property assets and includes in its current portfolio a 13ha industrial site in Penrose on a long-term lease to James Hardie Industries and another 13ha portfolio of 32 leasehold properties in the same area.
Further south, the company holds 28 commercial ground leases in the heart of Hamilton’s CBD and it is also the major shareholder in the 100ha Northgate Business Park subdivision north of Hamilton where it owns a 1.6ha industrial site worth $10.6m. Added to the mix is a purposebuilt 9,000sq m building constructed for Waikato Milking Systems.
Reid and his wife Pauline reside in their own designed and built mansion in St Heliers, which has a floor area of 1119sq m and is valued at $23m.