NZE:PLP

Private Land and Property Fund Says Fund Manager Cuts Hawke's Bay Asset Values

Private Land and Property Fund (NZE:PLP) said Booster Investment Management has reduced the value of three Hawke's Bay vineyard properties and a winery in its portfolio by NZ$3.9 million following an independent valuation, according to a Tuesday filing with the New Zealand bourse.The adjustment reduced PLP's net asset value by 1.9%, lowering its unit price to NZ$1.274 from NZ$1.298, with the revised price taking effect on Monday, per the filing.The decline reflects persistent challenges in the Hawke's Bay viticulture sector, including water restrictions that constrain alternative land use, Booster Wine Group's planned withdrawal from Hawke's Bay leases, and recent vineyard market transactions over the past three months, the filing added.