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Centuria NZ Industrial Fund

Centuria NZ Industrial Fund

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Centuria NZ Industrial Fund is a limited liability company that was established in April 2018 as an open-ended, unlisted property fund. Its purpose is to provide investors with the opportunity to invest in a portfolio of strategically selected industrial real estate assets that provide both tenant and location diversification within this strongly performing sector of the New Zealand property market. The industrial sector continues to outperform the commercial office and retail sectors, a continuation of the long-term trend we have seen over the past 15 years.

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10.5% p.a.

Annualised Pre-Tax Total Return Since Establishment in 20181

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54

Tenants

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19

Properties

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$636.5m

Portfolio Value

The above stats are as at 31 March 2024

How has the Fund performed?

Centuria NZ Industrial Fund has performed well with an annualised pre-tax total return (cashflow and capital growth) of 10.5%1 per annum since establishment in 2018. A key long-term strategic investment objective for Centuria NZ Industrial Fund is to deliver sustainable and stable income distributions paid to investors monthly, along with the potential for long-term capital growth.


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7.0years

WALT

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98.2%

Occupancy

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43.9%

Gearing

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68.1%

Portfolio Weighting to Auckland

The above stats are as at 31 March 2024

 

Recent Fund acquisitions

Please be advised four new industrial assets were settled in the 2021 and 2022 calendar years, as detailed below.

1460 Omahu Road, Hastings

Omahu Road, Hastings (Settled on 27 September 2022)

  • A quality industrial zoned cool store and packhouse facility in Hastings, with surplus land available for future development.
  • Cool store assets remain in high demand, are in short supply and subject to high replacement costs.
  • The property is occupied by Crasborn Fresh Harvest on a 20-year triple-net lease.
  • Landlord friendly triple-net lease structure which insulates the Fund from all capex and repair and maintenance costs during the lease term.
Freshmax Industrial Property in Hastings, New Zealand

Tidal Road, Auckland (Settled on 22 October 2021)

  • Brand new, large scale, architecturally designed, A-Grade industrial facility that has recently been constructed in Auckland.
  • New 12-year lease from settlement to the well-known beverage distributor Hancocks Wine, Spirit and Beer Merchants Limited for use as their national office and distribution facility. A second smaller warehouse is subject to a 4-year lease to AutoPacific, a market leader in vehicle accessories and towing solutions.
  • Substantial 4.9 hectare property well located in a new industrial business park in one of Auckland’s most central logistics locations, Mangere, and only minutes from State Highway 20 and Auckland airport.
Industrial property on Tidal Road, Centuria NZ

62 Columbia Avenue, Christchurch (Settled on 30 July 2021)

  • Well located in one of Christchurch’s premium industrial precincts.
  • Comprised of a modern clear span warehouse with a new 7-year lease (from 30 July 2021) to Value Tyres NZ.
  • Established over 45 years ago, the tenant has been located at this site for 14 years using the property as their head office and main distribution hub.
  • This property also benefits from approximately 10,000sqm of surplus land suitable for future development.

The Strong Parts Portfolio (Settled on 30 June 2021)

  • The four properties in the portfolio are in Central, South and West Auckland and benefit from highly sought after heavy industrial zoning.
  • The properties are subject to 8 year triple net leases (expiring 2029), insulating Centuria NZ Industrial Fund Limited from all repair, maintenance and capital expenditure costs.
  • The leases are to Strong Parts Group Limited, which has recently acquired the Strong Parts business from its previous owners.
  • The Strong Parts business has operated for over 40 years in the car parts industry. The leases have 2.5% annual rental growth, with market reviews at renewal (which cannot go below the rent prior to the renewal date).
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1 Calculated from 15 June 2018 to 31 March 2024 based on a $1.00 original issue price, dividends paid during the period and net tangible assets of $1.43 per Share as at 31 March 2024.

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 Industrial 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.