Offer open date: 22 April 2023

Manager: Centuria NZ (formerly known as Augusta Funds Management Limited), appointed by the Board of the Fund.

Centuria NZ Agricultural Property Fund Limited (the Fund) provided investors with the opportunity to gain exposure to the agricultural property sector with favourable forecast after-tax distributions, the potential for capital growth and no bank debt or exposure to interest rate risk at settlement. This offer was open to everyone in New Zealand with a minimum investment of $25,000.

The Fund’s initial asset was a 29.7ha horticultural facility including nine greenhouses, only 50km from Auckland CBD. The property featured a 15 year "triple net lease” to market leading tenant, Superb Herb, New Zealand’s largest supplier of potted and cut herbs with over 50% of fresh herb market share. The “triple net” structure of the lease means the tenant is responsible for all repairs, maintenance and capital expenditure. The landlord is insulated from all liability in relation to the property to the maximum extent permitted by law. This is widely considered the most landlord friendly form of lease.

The initial asset was purchased for $15.811 million, significantly below the independent valuation of $19 million (as at 6 March 2023). The asset also provided value-add potential as surplus land provided flexibility for development, subdivision and divestment potential in the future.

This offer saw very strong interest and closed oversubscribed.

The intention of the Fund is to grow over time. To be kept informed when this Fund re-opens for investment please register your details here or email syndication@bayleys.co.nz