Booster Investment Management, the manager of the Private Land and Property Fund, has announced a $2.8 million valuation decrease for three avocado and kiwifruit orchards.
The properties, located in Northland and Western Bay of Plenty, now have a combined value of $15m.
This represents a 15% reduction in value and a 1.2% decrease in the fund's net asset value.
The update will be reflected in the unit price on January 28, 2025.
The company attributed the valuation decrease to the challenging conditions in the New Zealand avocado industry, which have impacted orchard returns and limited activity in the avocado property market.
However, it said the updated valuation does not affect the income generated from the properties, as they are on a fixed lease.
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