WARNING: 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 Schedule1, 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.
Note: We urge you to carefully review the Information Memorandum and additional attachments (if applicable) before lodging an application. In the event that there are any material changes to the Information memorandum communications will be added to the attachments for review.
This is an offer to wholesale investors for Units in Wairau Valley Vineyards Limited Partnership, formed to purchase two recently developed vineyards (Kowhai and Walkers) totaling 42 canopy hectares (cha) planted in Sauvignon Blanc grapes, there is approximately 4 cha that is expected to be planted in the coming season. Both properties are located in the Wairau Valley on State Highway 63, Walkers at 3211 and Kowhai at 2765 respectively.
The Partnership will enter into a lease agreement with Misty Cove from settlement and will receive a gross rental return equal to 7% of the property purchase cost; once both properties are settled this is equivalent to $16,766 per cha or $772,389 per annum.
Misty Cove is to lease each vineyard for an initial period of 15 years, with two rights to renew for a further 5 years each on 1 July 2037 and 1 July 2042. A market rent review will occur on 1 July 2029 and every three years thereafter. The rental value cannot drop below the preceding period prior to the review.
Subject to the success of this Offer, the Wairau Valley Vineyards LP will invest in Kowhai and Walkers vineyards located in the Wairau Valley. The combined purchase price for both properties (including establishment and syndicate costs) is $11.71 million. It is proposed that the Partnership will raise $7.02 million of contributed
capital and $4.69 million of bank debt as part of this Offer. Misty Cove will acquire $2.20 million of the Units being offered as part of this Offer, this leaves $4.82 million to be raised from the other MyFarm investors. This provides Wairau Valley Vineyards LP with a targeted loan to value ratio of 43%, which is forecast to drop to 36% at maturity.
The MyFarm Underwriters’ Fund was used to secure the Kowhai and Walkers vineyards, via a $3.34 million property underwrite. A fee of $86,400 will be included in the establishment costs for the Partnership.
The Offeror also reserves the right to accept or decline over-subscriptions and to determine which applications are accepted. No provision has been made for over-subscriptions.
This Offer is for 7.02 million Units in Wairau Valley Vineyards Limited Partnership at an issue price of $1/Unit.
The minimum investment is 50,000 Units ($50,000) and thereafter the size of an investment can be increased in multiples of $10,000. The minimum capital raise is $7.02 million Units.
As a Limited Partner the maximum amount payable is $1/Unit and no other payments are required to be made other than those specifically agreed to.
IMPORTANT: 100% payment is due on application
|Walkers Vineyard||Wairau Valley, Marlborough||3211 State Highway 63, Wairau Valley 7271|
|Kowhai Vineyard||Wairau Valley, Marlborough||2765 State Highway 63, Wairau Valley 7271|