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Proportionate ownership popular

Oyster Group’s latest property syndication has closed early, oversubscribed.

Wednesday, February 4th 2015, 12:00AM

by The Landlord

The proportionate ownership scheme of Cardinal Logistics’ warehouse building on Westney Rd, Mangere, was the third scheme offered by Oyster last year.

It was offered with a likely termination date, which means investors may be liable for capital gains tax on the property.

The property will be sold after five years unless the investors vote against that.

It had projected cash returns of 8.1% pre-tax per annum, paid monthly.

The minimum investment was $50,000 – previous Oyster syndications required investors to have at least $100,000.

Cardinal Logistics’ lease is new and runs for 15 years, with three further five-year rights of renewal.

Oyster Group chief executive Mark Schiele said the combination of elements which attracted investors and resulted in the successful subscription included the location, length of lease, projected returns and built in rental growth.

“Oyster’s first syndication for this year, of the $27 million ANZ Business Centre at 9 Corinthian Drive in Albany, is also drawing significant interest from savvy investors. There are only 312 interests of $50,000 each available, offering pre-tax cash returns of 8.25%, paid monthly.”

He said proportionate ownership of commercial property was attractive for groups of individuals looking to invest in assets of significant value and scale without the hassle of day-to-day management. Oyster now manages more than $700 million in property throughout New Zealand.

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