Investment highlights:
6.5% p.a.* cash yield
Tenant: Mr Apple owned by listed company Scales Corporation
First asset in the Erskine Owen Veritas Property Fund
20 year triple net lease
Fixed rent reviews of 2.5% annually (Excluding years with market rent review)
*Projected pre-tax return. Projected returns are subject to change. Distributions are intended to be made monthly. Distributions are, however, not guaranteed, are subject to distributable profits and cash availability, and may vary or may be partly funded from capital or debt. Details on how the return will be calculated, and the assumptions and risks associated with the investment and return, will be set out in the Information Memorandum and the Trust Deed.
The Offer is restricted to "Wholesale Investors" under clauses 3 (2) and 3(3) of Schedule 1 to the Financial Markets Conduct Act 2013. This Offer is not available to retail investors.
Property Details
14 Groome Place is a strategically positioned industrial
coolstore facility. It is located within the Omahu
industrial zone of Hastings, which is one of the
primary industrial and logistics precincts servicing
the horticultural sector in Hawke’s Bay. The site is in
close proximity to a high concentration of facilities
operated by major horticultural producers.
Built in 2021, the property contains state-of-the-art
controlled temperature storage. A net lettable area of
6,996 sqm (approx.) comprises ten coolstores, dedicated
loading pods, smart fresh facilities, plant rooms, and
a high-capacity refrigeration system. There is also a
grassed surplus land component of 6,160 sqm.
Tenanted by Mr Apple
The sole tenant of the property is Mr Apple, New Zealand’s largest vertically integrated apple grower, packer, and exporter. Mr Apple is a wholly-owned subsidiary of Scales Corporation Limited (Scales), a New Zealand-based agribusiness group listed on the NZX (NZX: SCL), with a market capitalisation of approximately $600 million.
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* Projected pre-tax return. Projected returns are subject to change. Distributions are intended to be made monthly. Distributions are, however, not guaranteed, are subject to distributable profits and cash availability, and may vary or may be partly funded from capital or debt. Details on how the return will be calculated, and the assumptions and risks associated with the investment and return, will be set out in the Information Memorandum and Trust Deed.
The Offer is restricted to “Wholesale Investors” under clauses 3(2) and 3(3) of Schedule 1 to the Financial Markets Conduct Act 2013. This Offer is not available to retail investors.