Provincia Property Fund Limited
Commercial Property
This offer is not open to the public. It is open to Wholesale Investors including New Zealand residents who invest at least NZ$750,000, or who are Eligible Investors, or who are otherwise classed as Wholesale Investors. Non-New Zealand residents may also apply.
Provincia is an industrial property fund with a diverse investment portfolio of 13 properties. The quality of its properties, benefits of its open-ended PIE fund, and a strong historical total return sets the fund apart. Provincia operates as a single diversified fund and the management team are all investors as well. With this, the right incentives are in place to drive future performance.
Provincia invests in quality mid-sized ($5-10 million) industrial properties located in growth areas that have sound economics. Its properties are located in areas with some of the lowest vacancy rates in the country. When tenants move on, Provincia can replace them very quickly. Also during economic downturns, shops may close down and offices may cut back, but factories and warehouses just keep running. For further information, refer to our Investment Statement and Quarterly Reports available on the Documents tab.
Provincia's strategy is to buy properties where value can be added in the short to medium term. This could be surplus land for future development, opportunities to improve the lease terms or improvements to the building to increase rent and value. The portfolio consists of 13 industrial properties (12 in Auckland and one in New Plymouth) with a total value of $103.9 Million and supporting rental income of 5.94 Million as at 31 March 2024.
Returns
Provincia has returned on average 6.11 cents per share over the last 6 years plus an average capital gain of 7.58 cents per share, making an average total return of 13.69 cents per share over the last 6 years. (2019 to 2024). For further details on returns download our Annual Report and latest Quarterly Report for forecasts.
PIE distributions
Please note the seller will forfeit one month’s PIE distribution on the shares listed on the secondary market in the month that the trade settles, irrespective of the settlement date of the trade in that month. This means that the buyer will receive a full month’s PIE distribution and PIE tax allocation if the buyer owns the shares on the last day of the month. The monthly PIE distribution apportionment during the quarter is in line with PIE tax rules as Provincia Property Fund Limited is registered as a multi-rate PIE fund with a monthly attribution period.
