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waikanae village and beach

OVERSUBSCRIBED

Centuria Bass NZ First Mortgage Fund No. 4

Real estate debt investment

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Centuria Bass NZ First Mortgage Fund No. 4 was a fixed term property debt investment opportunity offering investors a pre-tax return of 10% p.a.1, with investors’ funds used to refinance a land bridge loan to borrowing entities associated with Thames Pacific, a reputable New Zealand property developer, secured by a first mortgage over two Kapiti Coast properties. Investors’ capital and the target return were distributed when the land bridge loan was repaid in April 2025.

Who is a wholesale investor?
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10% p.a.

pre-tax return for investors1

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12 month

investment term2

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$100k

minimum investment

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35.8%

loan-to-value ratio

Property and location

The Secured Properties are a 1.89 ha site at Paraparaumu Beach and the 32.9 ha site at Waikanae. Both positioned for future residential developments and are supported by high demand for medium density housing, lack of supply in the region and strong population growth.4

The Kapiti Coast is one of the fastest growing regions north of Wellington with population growth expected to increase by 55% over the next 30 years. It also benefits from the recent completion of Transmission Gully, providing a key transport link and reduced commute times to the Wellington CBD.

About the borrower

The borrower is associated with Thames Pacific, a reputable New Zealand developer who has successfully completed multiple residential and mixed-use projects across both Australia and NZ including the Kapiti Coast, where the secured properties are located.

Why invest in real estate debt

Investing in real estate debt gives Wholesale Investors exposure to an asset class with capital protection which benefits from a first ranking mortgages over the secured properties. If the underlying borrowers default on their loan, the secured properties can be sold and the proceeds applied to repay Investors. A secured debt investment provides a priority position in the capital structure of the borrower, and is repaid ahead of equity.

The proposed investment involves a conservative LVR of 35.8%. If the borrower defaults on the loan and the secured properties are sold to recover the debt, the properties’ value would need to drop significantly before Investors’ capital is impacted.

Transaction summary

Facility type First mortgage land bridging facility (no construction risk)
Security properties 240 Kapiti Road, Paraparaumu Beach
99-103 Old State Highway 1, Waikanae
Raise amount Up to $7,400,000
Valuation $35.95 million (combined ‘as-is’ valuations)
Status Open to investment
LVR 35.8%
Target investor return 10% p.a. forecast pre-tax return1
Term 12 months2
Minimum investment $100,000
Tax PIE structure – maximum tax rate of 28%
Manager Centuria Bass, the highly experienced commercial real estate debt arm of ASX-listed Centuria Capital
Opening date 12 Feb 2024

About the manager

Centuria Bass

Centuria Bass is the commercial real estate lending arm of Centuria Capital Group (ABN 22 095 454 336) (ASX:CNI). Founded in 2016 in Australia, Centuria Bass has now established a reputation as a leading non-bank lender, with a track record having no losses on principal or forecast interest to investors since inception. Highlights as at 31 December 2023 include:

  • AU$1.6b of funds under management
  • Over 127 investments made at a gross LVR of 60.5%
  • Weighted average net IRR to investors of 12.8% since inception*
  • Optimised returns to investors through tactical deal selection, extensive due diligence and active loan management.

With these proven results and satisfied investors, Centuria NZ are excited to introduce Centuria Bass to New Zealand investors.

*Past performance is not indicative of future performance

Centuria NZ

Centuria NZ is part of the ASX200 listed Centuria Capital, a leading Australasian property funds manager with over $21.1 billion3 of assets under management. Centuria NZ has over 20 years’ experience, a conservative approach and strong track record in providing New Zealanders with property investments across the commercial, industrial, healthcare and agricultural property sectors. Centuria focus on providing varied investment options for its clients.

Who is a wholesale investor?

A person or entity will be a wholesale investor if they:

  1. Certify that they are an ‘eligible investor’, having sufficient investment experience to effectively assess the merits of the offer, including the risks. This must be confirmed by a financial adviser, accountant or lawyer; or
  2. Invest at least $750,000 in the offer; or
  3. Own an investment portfolio of at least $1 million or participated in investment transactions of at least $1 million in the past two years; or
  4. Controlled net assets in excess of $5 million or had turnover in excess of $5 million for the past two financial years; or
  5. Are an investment business or financial adviser or have been employed or engaged in an investment business within the last 10 years and participated to a material extent in investment decisions.

Please click here to download more information or to discuss the above please contact the selling agents.

1. Target return of 10.0% per annum net of all fees, with the return and the initial investment repaid at maturity of the Bridge Loan. The return is calculated on a pre-tax internal rate of return of return basis (IRR).
2. As at 30 September 2023.