PLP – Quarterly Client Update – 31 March 2021

PLP – Quarterly Client Update – 31 March 2021
16 April 2021
Booster Investment Management Limited as Manager of the Fund (the Manager), has provided a copy of
the Quarterly Client Update for the quarter ended 31 March 2021.
For further information regarding the Private Land and Property Fund visit www.booster.co.nz/booster-
investments/private-land-and-property-fund
For more information, please contact:
Gary Scott
Company Secretary
Booster Investment Management Limited
04 8944300
About Booster
Booster Investment Management Limited (Booster) is the manager and issuer of the Fund, and part of
the Booster Group which has been helping New Zealanders save since 1998. The group currently
administers superannuation and investment funds of over $4.0 billion on behalf of more than 120,000
New Zealanders.
PLP is a managed investment fund that invests in land and property-based investments by investing in
units in Booster’s Private Land and Property Portfolio. PLP only holds these units.
For more information, including a copy of the Product Disclosure Statement, please visit
www.booster.co.nz

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Booster Investment Scheme 2
Private Land and Property Fund
Update as at 31 March 2021
Portfolio Performance
The Private Land and Property Fund (PLPF) returned 2.8% for the three
months to 31 March 2021 and 7.3% for the last year (after fees and
before tax). PLPF invests through the wholesale Booster Private Land
and Property Portfolio (PLPP)
1
.
The Fund is currently generating annual cash based pre-tax earnings of
3.43% from its lease income and grape supply contracts, plus also
continues to benefit from valuation gains on its land under
development, which is reflected in the net asset value of the units.
Property revaluation review
Over the quarter, The Manager undertook a review of the properties in
PLPP. Following that review, the net valuation adjustment reflected in
the unit price increased by $922,000 which represented a change of
1.44% in the net asset value of PLPF.
The primary driver of the change was in respect to the value of the
kiwifruit orchard in Northland which was purchased by PLPP in
September 2019. As the kiwifruit orchard was, at the time of purchase,
recently planted/ grafted, the Manager recognised the increase in the
value of the orchard as the plants approach maturity.
The Manager has also reviewed the expected yield and long-term grape
prices of the vineyards owned in Awatere and has adjusted its
estimates accordingly.
Spotlight on Hops
The global beer market is worth around US$500 billion each year.
Around 5% of this is captured by the fast-growing craft and specialty
brewing sector. There is strong demand for new beers and unique
flavours and brewers are focused on new hops that can deliver the
desired flavours and aromas.
The New Zealand hops industry exports more than 90% of its hops and
currently is only 1% of the world hops market.
Portfolio addition – Waimea West Hops
Over the quarter a hop garden was added to the wholesale Private
Land & Property Portfolio, and therefore into the retail Private Land
and Property Fund (PLPF).
The investment into hop growing land alongside an existing operator
provides further geographic and crop diversification to the Fund which
is currently invested in viticulture and kiwifruit land. New Zealand hops
are known and sought after for their unique aromatic character and
demand has been increasing due to the rise in the consumption of craft
beer, which requires greater quantities of hops.

The Private Land and Property Portfolio made a cash investment of $7
million for a 50% shareholding in Waimea West Hops Limited (‘WWH’)
which currently farms 28.5 hectares of mature hops in Brightwater,
near Nelson.
Further development is planned to expand the farm to total
approximately 83 hectares of hop gardens. This development, which is
budgeted to cost up to $15 million, will be funded from the $7 million
capital introduced by the Private Land and Property Portfolio in
combination with new bank funding to WWH. The planned
development includes the purchase of additional land (most of which is
under contract), as well as an upgrade to the existing picking and
processing equipment to improve the quality and processing capacity of
the plant. The fast-growing nature of hop plants means the new
gardens will be fully mature within 3 years of initial planting.
The expected returns from this investment are forecast to be accretive
to the overall return generated by the Fund, though it is recognised
that the over the 4-year development phase of the additional gardens
the cash return from the overall investment will be relatively modest.
Following this transaction, PLPF (through its investment in the Private
Land and Property Portfolio) will have property related assets of over
$80 million, which, after borrowings, have a net asset value of over $62
million.
Vineyard property in Awatere Valley, Marlborough
This investment is in three properties situated in the Awatere Valley
being Barewood Vineyard, Upton Downs, and Flemings Road. These
vineyards have grape supply agreements (GSA) with Booster Wine
Group. The GSA structure sees PLPP take the risk and return of crop
volumes for these properties, versus a fixed rental.
Barewood Vineyard and Upton Downs properties are yet to reach full
maturity having been developed in 2018 and 2019 and are expected to
deliver increased harvest volumes as they mature.

.
PLPP Investment Holdings (%)
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Vineyard property in Awatere Valley, Marlborough 23%
Vineyard property in Hope, Nelson 19%
Kiwifruit Orchard property in Kerikeri, Northland 20%
Vineyard property in Hawke's Bay 10%
Waimea West Hops, Brightwater, Nelson 8%
Vineyard property in Mahana, Nelson 5%
NZ Cash (BNZ Bank Trust Account) 15%
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For further information of how PLPF invests through PLPP refer to the Private Land and Property Fund Other Material Information document on the booster.co.nz website.
2
ANZ Bank New Zealand Limited (ANZ) has provided a loan facility of up to 50% of the value of the secured properties for use by the Private Land and Property Portfolio to affect its gearing
strategy which results in ANZ holding a security interest over a portion of the assets held by the Private Land and Property Portfolio.

Booster Investment Scheme 2
Private Land and Property Fund

Update as at 31 March 2021

3
Gross Asset Value comprises the net asset value of the investments held and the drawn portion of the ANZ loan facility.
4
Returns prior to the PLPF inception date are based on the underlying wholesale Private Land and Property Portfolio return. Past performance is not an indicator of future performance.
Disclaimer This document is for information purposes only. The information is derived from sources believed to be accurate as at the date of issue and may change. The content is of a general
nature and does not take into account your financial situation or goals and is not financial advice.
Neither Booster Financial Services Ltd nor any of its related companies (Booster) accepts any liability for any loss or damage arising directly or indirectly out of the use of, or reliance on, the
information provided in this document. Booster Investment Management Ltd is the manager and issuer, and Public Trust is the supervisor, of the Booster Investment Scheme 2, Private Land
and Property Fund. None of Booster, Public Trust, or any director, board member or nominee of any of those entities, or any other person, guarantees the Scheme’s performance, returns or
repayment of capital. The Scheme’s Product Disclosure Statements are available at www.booster.co.nz or by contacting your financial adviser or by calling Booster on 0800 336 338. A
disclosure statement is available, on request and free of charge, from your financial adviser.
2

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Vineyard property in Hope, Nelson
This investment is in the former Waimea winery and associated
vineyards in Nelson. The vineyard and winery are leased to Booster
Wine Group on a long-term lease.
Vineyard property in Hawke's Bay
This investment is in three vineyards formerly part of Sileni Estates,
including Talbot, Wedd and Winery vineyard properties and a winery
building. All are leased to Booster Wine Group on a long-term lease.
Vineyard property in Mahana, Nelson
The property at Mahana is a state-of-the-art gravity fed winery. This,
and the surrounding vineyard is leased to Booster Wine Group on a
long-term lease.
Kiwifruit orchard, Kerikeri, Northland
The ~50 ha property encompasses 20 canopy hectares of G3 or gold
kiwifruit, most of which was grafted onto existing stumps in 2019.
Another ~11 ha is planted in lemons and 3-4 ha remains available for
horticultural use.
The property is under lease to Seeka for 15 years (from 2019) at a fixed
rental linked to capital values and incorporating an option at year 5 for
PLPP to assume the risks and rewards of operatorship.
Key Facts (PLPF)

Risk Indicator
The Risk Indicator is rated from 1 (low) to 7 (high). The rating reflects
how much the value of the Fund's assets go up and down (volatility).
A higher risk generally means higher potential returns over time, but
more ups and downs along the way.


All figures are after fees. Please see the Product Disclosure Statement
for further details.







Fund Size
(net asset value)
$64.8 million
Inception Date 7/01/2019
Manager Booster Investment Management Limited
Supervisor Public Trust
Fund Type Portfolio Investment Entity (PIE)
Key Facts (PLPP)
Fund Size
(net asset value)
$64.9 million
Gross Asset Value
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$83.4 million
Inception Date 13/06/2017
Manager Booster Investment Management Limited
Supervisor Public Trust
Fund Type Portfolio Investment Entity (PIE)
Gearing ratio 23.1%
PLPF Performance as at 31 March 2021
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Before Tax
After Tax
at 28%
Last month 1.7% 1.7%
Last 3 months 2.8% 2.6%
Last 6 months 4.0% 3.6%
Last 12 months 7.3% 6.3%
Last 2 years (p.a.)
4
8.0% 7.0%
Last 3 years (p.a.)
4
9.9% 8.8%
Since Inception 13/06/2017 (p.a.)
4
9.0% 7.9%