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The intention of the Centuria NZ Property Fund will be to grow over time to provide investors with exposure to a variety of property investments within the one investment vehicle. Through this strategy the fund aims to diversify its portfolio by acquiring additional properties, therefore further mitigating the risks to both capital and cashflow that can be associated with property ownership, an even more important consideration in the current economic environment.
The initial asset in the fund is one of New Zealand’s largest private health care centres with the circa 2.4 hectare site containing three main buildings and located in a prime corner CBD position benefiting from three road frontages.
Anglesea Medical Centre offers income diversification through 28 tenants with a key feature being the tenants’ commitment to the property with the nine largest having been on site for between 14 and 28 years. The fund currently pays pre-tax cash return of 6 cents per unit.
Centuria NZ is considering a number of investment options and is looking to add a second asset to the fund in the near future.