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Centuria NZ Agricultural Property Fund Limited (Agri Fund) is a limited liability company that has been established as an open ended, unlisted, sector specific property fund to acquire agricultural land and associated assets. Agri Fund intends to grow over time and will invest in strategically selected agriculture related real estate that benefits from strong real estate fundamentals, with a focus on properties with strong tenants and long term income streams.
The Initial Property in Agri Fund is located at 208 Fordyce Road, Helensville, Auckland (only 45 minutes’ drive from Auckland’s CBD). It is a 29.7 hectare site on which greenhouse and packhouse facilities operate for growing and processing fresh herbs for both domestic and global distribution. The main glasshouse features heavy automation, including in the potting, spacing, fertigation, shading, harvesting and cleaning processes.
The Tenant, Superb Herb, is a well-known New Zealand brand. Based on information provided by the Tenant, it is the nation’s largest supplier of potted and cut herbs and produces approximately 115,000 units per week, equating to more than three tonnes across 30 different herb varieties. The Tenant has advised that it has over 50% of the herb business market share in New Zealand, with the Tenant’s key customers including Foodstuffs NZ (New World, Pak’n’Save, Four Square), Progressive Enterprises (Countdown, Fresh Choice), My Food Bag and Farro Fresh.
A Triple Net Lease means that Agri Fund, as the landlord, is insulated from all liability in relation to the Initial Property to the maximum extent permitted by law. For example, any costs of capital expenditure, repair, maintenance and other works whether structural or otherwise are not Agri Fund’s responsibility. The Lease stipulates the Tenant is responsible and has the same liabilities in regards to the premises as if the Tenant was the “owner”. This is widely considered the most landlord friendly form of lease.
1 From June 2023
Past performance is not necessarily indicative of future performance. Returns may vary and are not guaranteed. No applications are currently being accepted for investment in Centuria NZ Agricultural Property Fund Limited and its latest offer has closed. Any indication of interest will not involve an obligation or commitment to acquire a financial product. If any future offer is made, it will be made in accordance with the Financial Markets Conduct Act 2013. Prior to making any investment in the future, prospective investors are recommended to seek professional advice from a Financial Adviser which takes into account their personal circumstances before making an investment decision.