Private Land fund reduces Hope property value

The value of Private Land and Property Fund's viticulture-related properties in Hope, Nelson, will be reduced by $600,000.

The adjustment, which represents 0.45% of the net asset value per unit of the fund, will take effect immediately.

After the reduction, the net asset value per unit will be $1.3414, down from $1.3475.

The decision to lower the valuation was based on an independent valuation report, which took into account the properties' open market value and their commitment to a viticultural lease until 2037.

Booster Investment Management, the manager of the fund, said it has also commissioned a valuation review for its Hawke's Bay vineyards and winery buildings, with the outcome still unknown.

The Hope properties currently make up approximately 13% of the fund's total asset value.