The Artemis Property Scheme owns fourteen childcare centres across the Lower North Island (three) and South Island (eleven).
The original nine centres were purchased in September 2015 for $18m. The tenth property, purchased in October 2017, was partially funded by raising additional capital from existing and new investors. Another property was purchased in June 2019 and was fully funded by the bank while the syndicate kept below its covenanted LVR ratio. Three more Christchurch CBD centres were then purchased in September 2021 for $14.4m.
Eight of the centres are leased to Evolve Group, an ASX/NZX listed company that operates over 110 childcare centres throughout New Zealand. Two centres are leased to Provincial Education Group who operate 60 centres in regional New Zealand. One centre is leased to Best Start Educare who operate over 270 centres throughout New Zealand. Three centres are leased to Grow Active.
The most recent registered valuations (March 2022) has the portfolio valued at $53.68m.
The scheme is structured as a Proportionate Ownership Scheme with a Nominee owning the properties on behalf of the syndicate. Pre-tax cash distributions of 4.5% are paid monthly.