Erskine and Owen Limited

Hastings Distribution Centre Property LP

Commercial Property

Wholesale
Trade
Total Shares/Units
16,250,000 Units
Par Value
NZD $1.00
Min Investment
50,000 Units
Min Sell Price Per Share/Unit
NZD $1.30
Total Quantity on Offer
100,000 Units
Highest Bid
Active Bidders
Last Traded Value
NZD $1.00
Last Traded Quantity
250,000 Units
Last Traded Date
July 25, 2024

The law normally requires people who offer financial products to give information to investors before they invest. This requires those offering financial products to have disclosed information that is important for investors to make an informed decision. The usual rules do not apply to this offer if you are a person who comes within Schedule 1, clause 3(2)(a)-(c) or 3(3)(a)-(b)(ii) (inclusive) of the Financial Markets Conduct Act 2013. This includes where the amount invested upfront by the investor (plus any other investments the Investor has already made in the financial products) is $750,000 or more.


If you fall within Schedule 1, Clause 3 of the FMCA, as a result of this exclusion, you may not receive a complete and balanced set of information. You will also have fewer other legal protections for this investment. Investments of this kind are not suitable for retail investors. Ask questions, read all documents carefully, and seek independent financial advice before committing yourself.

Offer Summary

The total amount being raised is $16,250,000 representing the total of Limited Partnership equity.


The offer will close on 8 November 2019 or earlier if fully subscribed.


The proceeds of the offer will be used, by the Limited Partnership, to acquire the Wattie’s Distribution Centre industrial property complex, located at 113 Elwood Road, Hastings, which is fully tenanted by Heinz Wattie’s Limited and Tomoana Warehousing Limited.


The Property is being acquired from Asset Plus Investments Ltd for at a purchase price of $29,100,000. The Property was valued by Bayleys Valuation Limited (“Bayleys”) on 26 July 2019 at $29,100,000. Settlement of the Property is to take place on 17 December 2019 or earlier with vendor agreement.


Mortgage funding has been arranged from Bank of New Zealand for an amount of $14,550,000 (being 50% of the purchase price) at an initial interest rate of 4.04%. There is a 100% equity

underwrite in place for the Interests being offered.


The current projected annual pre-tax net operating cash flow return yield to Limited Partners is 6.0% per annum on equity.

Watties Distribution Centre

113 Ellwood Road, Hastings

2022 AGM Minutes - Hastings Distribution Centre Property LP
2022 AGM Minutes - Hastings Distribution Centre Property LP
23/9/2022
FY21 Q1 Report - Hastings Dist LP
FY21 Q1 Report - Hastings Dist LP
17/8/2020
FY21 Q2 Report - Hastings Dist LP FINAL
FY21 Q2 Report - Hastings Dist LP FINAL
2/5/2021
FY21 Q3 Report - Hastings Dist LP
FY21 Q3 Report - Hastings Dist LP
2/5/2021
FY21 Q4 Report - Hastings Dist LP
FY21 Q4 Report - Hastings Dist LP
2/5/2021
FY22 Audited Financial Statements - Hastings Distribution Centre LP
FY22 Audited Financial Statements - Hastings Distribution Centre LP
23/9/2022
FY22 Q2 Report - Hastings Dist LP
FY22 Q2 Report - Hastings Dist LP
11/11/2021
FY22 Q3 Report - Hastings Dist LP
FY22 Q3 Report - Hastings Dist LP
1/2/2022
FY22 Q3 Report - Hastings Dist LP
FY22 Q3 Report - Hastings Dist LP
28/1/2022
FY23 Q1 Hastings Dist LP_Quarterly Report
FY23 Q1 Hastings Dist LP_Quarterly Report
27/7/2022
FY23 Q2 Report - Hastings Distribution Centre LP
FY23 Q2 Report - Hastings Distribution Centre LP
5/12/2022
FY24 Q3 Report - Hastings Dist LP
FY24 Q3 Report - Hastings Dist LP
13/3/2024
FY25 Q1 Report - Hastings Dist LP
FY25 Q1 Report - Hastings Dist LP
30/8/2024
Hasting Distribution Centre Property Limited Partnership Information Memorandum Sept 2019
Hasting Distribution Centre Property Limited Partnership Information Memorandum Sept 2019
18/8/2020
Hastings Distribution Centre Property Limited Partnership 2022 Tax Reconciliation
Hastings Distribution Centre Property Limited Partnership 2022 Tax Reconciliation
13/7/2022
Hastings Distribution Centre Property Limited Partnership FY21 Financial Statements Audited
Hastings Distribution Centre Property Limited Partnership FY21 Financial Statements Audited
5/7/2021
Hastings LP taxable income rec 31 March 2021
Hastings LP taxable income rec 31 March 2021
21/6/2021

Erskine and Owen Limited

Wholesale
Erskine and Owen Limited

Hastings Distribution Centre Property LP

Commercial Property

Bid

The law normally requires people who offer financial products to give information to investors before they invest. This requires those offering financial products to have disclosed information that is important for investors to make an informed decision. The usual rules do not apply to this offer if you are a person who comes within Schedule 1, clause 3(2)(a)-(c) or 3(3)(a)-(b)(ii) (inclusive) of the Financial Markets Conduct Act 2013. This includes where the amount invested upfront by the investor (plus any other investments the Investor has already made in the financial products) is $750,000 or more.


If you fall within Schedule 1, Clause 3 of the FMCA, as a result of this exclusion, you may not receive a complete and balanced set of information. You will also have fewer other legal protections for this investment. Investments of this kind are not suitable for retail investors. Ask questions, read all documents carefully, and seek independent financial advice before committing yourself.

Total Share/Units
16,250,000 Units
Min Investment
50,000 Units
Min Investment Value
NZD $50,000.00
Par Value
NZD $1.00
Quantity on Offer
100,000 Units
Offer Price
NZD $1.30
Highest Bid
Active Bidders
Last Traded Price
NZD $1.00
Last Traded Quantity
250,000 Units
Last Traded Date
July 25, 2024

Offer Summary

The total amount being raised is $16,250,000 representing the total of Limited Partnership equity.


The offer will close on 8 November 2019 or earlier if fully subscribed.


The proceeds of the offer will be used, by the Limited Partnership, to acquire the Wattie’s Distribution Centre industrial property complex, located at 113 Elwood Road, Hastings, which is fully tenanted by Heinz Wattie’s Limited and Tomoana Warehousing Limited.


The Property is being acquired from Asset Plus Investments Ltd for at a purchase price of $29,100,000. The Property was valued by Bayleys Valuation Limited (“Bayleys”) on 26 July 2019 at $29,100,000. Settlement of the Property is to take place on 17 December 2019 or earlier with vendor agreement.


Mortgage funding has been arranged from Bank of New Zealand for an amount of $14,550,000 (being 50% of the purchase price) at an initial interest rate of 4.04%. There is a 100% equity

underwrite in place for the Interests being offered.


The current projected annual pre-tax net operating cash flow return yield to Limited Partners is 6.0% per annum on equity.

Watties Distribution Centre

113 Ellwood Road, Hastings

2022 AGM Minutes - Hastings Distribution Centre Property LP
2022 AGM Minutes - Hastings Distribution Centre Property LP
23/9/2022
FY21 Q1 Report - Hastings Dist LP
FY21 Q1 Report - Hastings Dist LP
17/8/2020
FY21 Q2 Report - Hastings Dist LP FINAL
FY21 Q2 Report - Hastings Dist LP FINAL
2/5/2021
FY21 Q3 Report - Hastings Dist LP
FY21 Q3 Report - Hastings Dist LP
2/5/2021
FY21 Q4 Report - Hastings Dist LP
FY21 Q4 Report - Hastings Dist LP
2/5/2021
FY22 Audited Financial Statements - Hastings Distribution Centre LP
FY22 Audited Financial Statements - Hastings Distribution Centre LP
23/9/2022
FY22 Q2 Report - Hastings Dist LP
FY22 Q2 Report - Hastings Dist LP
11/11/2021
FY22 Q3 Report - Hastings Dist LP
FY22 Q3 Report - Hastings Dist LP
1/2/2022
FY22 Q3 Report - Hastings Dist LP
FY22 Q3 Report - Hastings Dist LP
28/1/2022
FY23 Q1 Hastings Dist LP_Quarterly Report
FY23 Q1 Hastings Dist LP_Quarterly Report
27/7/2022
FY23 Q2 Report - Hastings Distribution Centre LP
FY23 Q2 Report - Hastings Distribution Centre LP
5/12/2022
FY24 Q3 Report - Hastings Dist LP
FY24 Q3 Report - Hastings Dist LP
13/3/2024
FY25 Q1 Report - Hastings Dist LP
FY25 Q1 Report - Hastings Dist LP
30/8/2024
Hasting Distribution Centre Property Limited Partnership Information Memorandum Sept 2019
Hasting Distribution Centre Property Limited Partnership Information Memorandum Sept 2019
18/8/2020
Hastings Distribution Centre Property Limited Partnership 2022 Tax Reconciliation
Hastings Distribution Centre Property Limited Partnership 2022 Tax Reconciliation
13/7/2022
Hastings Distribution Centre Property Limited Partnership FY21 Financial Statements Audited
Hastings Distribution Centre Property Limited Partnership FY21 Financial Statements Audited
5/7/2021
Hastings LP taxable income rec 31 March 2021
Hastings LP taxable income rec 31 March 2021
21/6/2021

Erskine and Owen Limited