PLP set to acquire $63.75m Rolleston warehouse

Private Land and Property Fund's acquisition of a warehouse facility in Rolleston, Christchurch, is set to proceed.

The wholesale fund, in which PLP invests and which is managed by Booster, has announced that the pre-conditions for the purchase have been met, apart from administrative matters.

The property, worth $63.75 million, will represent approximately 31% of the wholesale fund's property assets after completion.

It is subject to a 13-year net lease with Lyttelton Port Company, which has an eight-year right of renewal.

The acquisition is expected to enhance PLP's cash return and contribute to its long-term return objective.

The deal is scheduled to settle on July 30, 2024.

The purchase will be funded through a combination of cash and ongoing subscriptions to PLP, including the purchase of additional units by other Booster-managed funds.