PLP – Initial impact assessment of weather on portfolio

PLP – Initial impact assessment of weather on property portfolio

Booster Investment Management Limited as Manager of the Fund (the Manager) is currently assessing
the impact that the current weather event (Cyclone Gabrielle) has had/ is having on the property
portfolio of the Private Land and Property Portfolio (PLPP), the wholesale fund into which the PLP invests.

Background
The PLPP holds a diversified range of property across the country, summarised as follows (as at 31
December 2022):

Location Nature of
Property
Value
($’m)
% by
value
Basis of income
Awatere Valley, Marlborough Vineyards $ 23.2 16.7 Grape supply agreement
Hope, Nelson Region Vineyards $ 19.0 13.6 Fixed lease rental
Hawke’s Bay Winery building $ 3.0 2.2 Fixed lease rental
Hawke’s Bay Vineyards $ 5.8 4.2 Fixed lease rental
Mahana, Nelson Region Winery building
and vineyards
$ 4.1 2.9 Fixed lease rental
Kerikeri, Northland Kiwifruit orchard $ 23.1 16.6 Fixed lease rental
Waimea, Nelson Region (via
investment in Waimea West
Hops Ltd)
Hop gardens $ 9.8 7.0 Hop supply (via Waimea
West Hops Ltd)
Southland Dairy farmland $ 32.8 23.6 Fixed lease rental
Bay of Plenty and the Far
North
Avocado orchards $ 18.3 13.2 Fixed lease rental
Total Property Assets $139.1 100%

As demonstrated above, the majority of the value of the property owned by the PLPP is covered by a
fixed lease arrangement (approximately 76%), which includes all of the properties that are located in the
North Island.

This reduces the impact a weather event can have on the Fund, as the risk of current season crop damage
is largely not faced by the Fund.

The property value may be impacted by permanent damage to the land itself (such as erosion), through
damage to infrastructure (such as fences/ trellis or irrigation systems), or damage to the trees/ plants that
have a long-term impact on crop productivity (such as excessive wind damage or disease).

Current Assessment
An assessment of the impact of the weather event is currently ongoing. While the areas hardest hit by
the cyclone include Northland and Hawke’s Bay, at this stage, there are no reported issues that would
have a material impact on the value of the property held by the PLPP.

The Manager recognises that communication with and access within each of the affected areas remains
challenging, and that it may take some time before the full impact of the weather event is clear. As a
result, the Manager will continue to monitor the situation and will provide a further update should its
assessment change.

Page 2 of 2


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 $5 billion on behalf of more than 170,000 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 and the latest net asset value
per unit, please visit www.booster.co.nz