PLP - Avocado Orchards Valuation Update

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PLP – Avocado Orchards Valuation Update
29 January 2025

Consistent with property valuation policy, Booster Investment Management Limited (Booster) as manager of
the Private Land and Property Portfolio (the wholesale fund into which the PLP invests) has commissioned
and received an updated independent valuation report for the two avocado orchards in Northland and the
avocado and kiwifruit orchard in Western Bay of Plenty that the wholesale fund owns. These properties
represented ~8% of the total value of the assets of the fund, prior to this update.
In consideration of the independent valuation report, the Manager has adopted a valuation decrease of $2.8
million in the value of the properties to $15 million. This represents a 15% reduction in the value of those
properties and is a 1.2% decrease in the net asset value of PLP, reducing the most recent NAV (the unit price
at which units are issued by the manager) from $1.350 per unit to $1.334. This will be reflected in the 28
January 2025 unit price (which will be completed on 30 January).
The valuation decrease reflects the challenging conditions for the New Zealand avocado industry over the
last several years with poor growing conditions impacting orchard returns. The challenging conditions have
limited activity in the avocado property market and this has been reflected in values. These properties are on
a fixed lease and as such the updated valuation does not impact income generated from the properties.
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 $7 billion on behalf of more than 200,000 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