PLP – Hops Property Valuation

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PLP – Hops Property Valuation
28 August 2024


Booster Investment Management Limited (Booster) as manager of the Private Land and Property Portfolio
(the wholesale fund into which the PLP invests) has received an updated independent valuation report for
the land and buildings held by Waimea West Hops Limited, a company in which the Private Land and
Property Portfolio holds a 50% interest (which prior to this update represented a small portfolio weighting of
5.3%).
In consideration of the independent valuation report, Booster has adopted a valuation decrease of $3.7
million in the value of the fund’s interest in Waimea West Hops Limited. This represents a 1.8% decrease to
the net asset value of PLP, decreasing the most recent NAV (the unit price at which units are issued by the
manager) from $1.356 per unit to $1.332.
The valuation decrease is largely driven by current challenges being faced by hop growers in New Zealand.
There has been a global oversupply of hops over prior seasons which has resulted in disappointing sell
through of Waimea West Hops product, alongside other growers.
Waimea West Hops is considering several opportunities to enhance long-term value and these options are
being actively evaluated by the company.
Investors can continue to purchase units in PLP on the NZX or can subscribe for units in the fund as part of
the process described in the fund’s Product Disclosure Statement (PDS) that is available at
www.booster.co.nz
For further information regarding PLP 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 $6 billion on behalf of more than 190,000 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