Press Release – Oyster Group
Oyster Group’s proportionate ownership opportunity in the New Zealand Racing Board’s head office in Petone has closed fully subscribed.
It is the second proportionate ownership scheme offered by the company in Wellington this year, both projecting 10% per annum pre-tax cash returns, paid monthly.
Oyster Group chief executive, Mark Schiele, said the company had made available to investors 67 interests at $100,000 each in the New Zealand Racing Board’s six-storey head office which is at 106-110 Jackson Street in Petone, Wellington.
The New Zealand Racing Board entered into new nine year leases from August 2014 with two further three year rights of renewal. The tenant is an entity established by an act of parliament to operate the TAB.
Mr Schiele said a number of factors including the blue-chip quality of the tenant, the length of its leases and the forecast returns had attracted investors.
He said proportionate ownership of commercial property continued to allow groups of individuals to invest in assets of significant value and scale without the hassle of day-to-day management. Oyster manages over $650 million in property throughout New Zealand.