||Eleven childcare centres located in the Lower North Island (three) and South Island (eight)
||Eight centres are leased to Evolve Group, an NZX listed company that operates over 120 childcare centres throughout New Zealand. Two centres are leased to Provincial Education Group who operate 60 centres in regional New Zealand. One centre is leased to Best Start Educare who operate 260 centres throughout New Zealand
||Nine centres were purchased in September 2015 for $18m. The tenth property purchased in October 2017 was partially funded by raising additional capital from existing and new investors. The latest property was purchased in June 2019 and fully funded by the bank while the syndicate kept below its covenanted LVR ratio. The property portfolio was revalued at 31 March 2020 to $30.6m.
||Proportionate Ownership Scheme with a Nominee owing the properties on behalf of the syndicate comprising 180 interests of $50,000 each and 37 interests of $60,000 each
||Pre-tax cash distributions increased from 8.0% p.a. to 9.0% p.a. on 1 October 2020. These are paid monthly.