PLP - Southland Dairy Farms Valuation Update

PLP – Southland Dairy Farms Valuation Update
1 October 2026
In its role as manager of the Private Land and Property Portfolio (PLPP, the wholesale fund into
which the PLP invests) Booster Investment Management Limited (BIML) regularly considers the
appropriateness of the valuation of the properties within the portfolio and obtains independent
valuations to support its considerations.
An independent valuation report was commissioned for the Southland dairy farm properties.
Prior to this update, the investment represented approximately 17% (by value) of the assets
owned by the wholesale fund.
In consideration of the completed valuation report, the manager has adopted a $4.03 million
increase in the value of the properties. This represents a 2.1% increase in the net asset value of
PLP, increasing the most recent net asset value (the unit price at which units are issued by the
manager) from $1.229 per unit to $1.255. These adjustments will be reflected in the 30
September 2026 unit price, which will be issued on 2 October 2026.
The increase in value reflects the continued positive momentum in the dairy farm sector with
another strong forecast Fonterra milk price and low interest rates contributing to high buyer
confidence. Dairy sector transaction activity remains robust with buyer demand exceeding
supply, contributing to upward pressure on land values. Farm sale volumes and transaction
values are materially higher year-on-year.
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

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About Booster
Booster Investment Management Limited (BIML) 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 $8 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