Booster reports $3.7m drop in PLP's value

Booster Investment Management has announced a $3.7 million decrease in the value of the Private Land and Property Fund's (PLP) interest in Waimea West Hops.

This decision was made after Booster received an updated independent valuation report for the land and buildings held by Waimea West Hops.

The decrease in valuation represents a 1.8% decline to PLP's net asset value, bringing the unit price down from $1.356 to $1.332.

The company attributed the valuation decrease to the current challenges faced by hop growers in New Zealand, including a global oversupply of hops in previous seasons.

Waimea West Hops is now said to be evaluating various options to enhance long-term value.

Investors can still purchase units in PLP on the NZX or subscribe for units as per the fund's Product Disclosure Statement.