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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.
$24.3m
Portfolio value
Two established
horticultural facilities
15 year
Triple net leases1
30%
Loan-to-value ratio
The above stats are as at 25 November 2023
The assets
208 Fordyce Road, Helensville
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.
15C Shipherd Road, Pukekohe
7.87 hectares of rural zoned land, consisting of glasshouses and packhouse facilities for growing and processing fresh cut flowers.
The tenant, Blooming Hill, is the largest cut rose grower in New Zealand, producing approximately 35% of all roses and 15% of gerberas grown domestically. The improvements on the property are in good condition, and the tenant is in the process of expanding into exotic fruit production with crops of papaya fruit already underway.
The property is on a 15-year triple net lease, and includes one right of renewal – taking final expiry to 2048. This acquisition provides investors in the Fund with further tenant and geographic diversification.
What is a ‘triple net lease’?
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.
Register your interest in Centuria NZ Agricultural Property Fund Limited
1 208 Fordyce Road, Helensville from June 2023
15C Shipherd Road, Pukekohe from December 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.