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PR O D U C T D I S C LO S U R E S TAT E M E N T
FO R A N O F F E R O F O R D I N A RY S H A R E S I N
INDUSTRIAL 3∙0
I S S U E D BY OYS T E R I N D U S T R I A L L I M I T E D
O N 10 S E P T E M B E R 2 0 21
This document gives you important information about this investment to help you
decide whether you want to invest. There is other useful information about this offer on
https://disclose-register.companiesoffice.govt.nz. Oyster Industrial Limited has prepared
this document in accordance with the Financial Markets Conduct Act 2013. You can also
seek advice from a financial advice provider to help you make an investment decision. OY S T E R - I N D U S T R I A L . C O . N Z
www.oystergroup.co.nz
1. KEY INFORMATION SUMMARY
1.1 WHAT IS THIS? Oyster Industrial’s business is managed by Oyster
Management Limited (Manager), which is a wholly-
This is an offer of ordinary shares (Shares) in Oyster
owned subsidiary of Oyster Property Group Limited.
Industrial Limited (Oyster Industrial). Shares give you
As detailed in section 2.7, the Manager manages a
a stake in the ownership of Oyster Industrial. You may
range of retail, office, and industrial assets throughout
receive a return if dividends are paid or Oyster Industrial
New Zealand, with a combined value in excess of
increases in value and you are able to sell your Shares at
NZ$2.1 billion. The Manager’s team comprises specialists
a higher price than you paid for them.
in transactions, asset and property management,
If Oyster Industrial runs into financial difficulties and is development, and finance.
wound up, you will be paid only after all creditors have
Oyster Industrial is a limited liability company
been paid. You may lose some or all of your investment.
incorporated in New Zealand. Investors in Oyster
Industrial receive ordinary shares in this company. It is
1.2 ABOUT OYSTER INDUSTRIAL
not a ‘Managed Investment Scheme’ for the purposes
Oyster Industrial has been established with the purpose of the Financial Markets Conduct Act 2013 and is not
of investing directly, or indirectly through subsidiaries, required to have a Financial Markets Authority (FMA)-
in a portfolio of industrial property. Oyster Industrial’s licensed manager or an FMA-licensed independent
wholly-owned subsidiary (Oyster Industrial Properties supervisor to govern its investment activities.
Limited) has acquired five industrial properties –
Investor rights are set out in the Constitution of
located at 12 Harbour Ridge Drive, Wiri, Auckland,
Oyster Industrial.
101 McLaughlins Road, Wiri, Auckland, 75 Wainui
Road, Lower Hutt, Wellington, 14-16 Makaro Street,
Porirua, Wellington and 71 Westney Road, Māngere, 1.3 PURPOSE OF THIS OFFER
Auckland (Properties) and has contracted to purchase The purpose of this Offer is to raise capital to enable
a sixth property located at 77 Westney Road, Māngere, Oyster Industrial to purchase 77 Westney Road to add to
Auckland (77 Westney Road). its portfolio of industrial properties (Industrial Portfolio).
The remaining funds required to complete the purchase
The acquisition of 77 Westney Road is a strategic
and pay the offer costs will be obtained by borrowings
purchase which will allow control of the entire site. The
from Westpac New Zealand Limited (Westpac).
combined land holding of 34,228m2 across two freehold
titles has the potential to maximise opportunities for
re-leasing, development or divestment in the future.
This acquisition aligns with Oyster Industrial’s investment
philosophy and current strategic investment objectives.
PRODUCT DISCLOSURE STATEMENT 1
1.4 KEY TERMS OF THE OFFER
Description of the equity Ordinary shares in a limited liability company, Oyster Industrial Limited, which is
securities being offered registered as a portfolio investment entity (PIE) for New Zealand tax purposes.
The Shares will rank equally in all respects with other Shares in Oyster Industrial.
Issue price $1.14 per share
Total number of Shares 16,050,000 Shares (being 17.3% of the total ordinary shares on issue
being offered immediately following the issue of the Shares). Total raise of $18,297,000.
Minimum number of Shares 50,000 Shares and thereafter, in multiples of 50,000 Shares.
that may be applied for¹
Maximum number of No Investor (including associated interests) may hold more than 19.99% of the
Shares that may be held by proposed post-issue total number of Shares, unless the Investor is a qualifying
any Investor¹ investor (such as another PIE) to ensure Oyster Industrial maintains its PIE
status. If all the Shares are issued the maximum holding is 18,550,720 Shares.
Underwrite This Offer is fully underwritten. Wyborn has underwritten $15,800,000, with the
Manager underwriting a further $2,500,000. The total underwrite is $18,300,000.
Minimum and maximum This Offer is fully underwritten, there is no minimum amount of equity that
amount of equity to be raised¹ needs to be raised for this purchase.
The maximum amount to be raised is $18,297,000 (16,050,000 Shares).
Expected return rate 4.61% per annum (5.25 cents per share per annum) for FY22 based on a
unit price of $1.14. See section 7 of the PDS (Oyster Industrial’s Financial
Information) for further information on the forecast returns.
PDS registration date 10 September 2021
Offer open date 18 September 2021
Issue of Shares Shares will be issued on settlement of 77 Westney Road, which is scheduled for
29 October 2021.
All applications for Shares will be issued on a first come first served basis.
Offer closing date 31 December 2021 (unless the Offer is fully subscribed earlier)
Liabilities, fees and charges If you sell your Shares, you may be required to pay brokerage or other sale
expenses. You may also be liable for tax on the sale of your Shares if you
acquired the Shares with the intention to sell. You should seek your own tax
advice in relation to your Shares.
1
Oyster Industrial and the Manager reserve the right to amend the minimum and maximum subscription amounts.
2 OYSTER INDUSTRIAL LIMITED
Management The Manager has been appointed to manage Oyster Industrial in accordance
with the Management Agreement.
The term of the Management Agreement runs until Oyster Industrial is wound
up, unless terminated earlier:
z by 12 months’ notice being given to the Manager, or the Manager is
in material breach and the breach is not cured within 30 days, and the
termination is approved by a Special Resolution of Investors; or
z the Manager becomes insolvent; or
z the Manager gives 12 months’ notice.
If the Management Agreement is terminated without cause and by a Special
Resolution of Investors, Oyster Industrial must pay the Manager a sum equal
to 30% of the aggregate of all fees paid to the Manager by Oyster Industrial in
the preceding 5 years before termination. No termination fee is payable where
the Management Agreement is terminated in any other scenario.
The Manager is entitled to be paid fees for its services. These include:
z Fund Management Fee: currently 0.35% of the aggregate capital value of
the Industrial Portfolio.
z Property Management Fee: of 2.0% of the Gross Rental under the tenancies.
z Performance Fee: of 20% of the excess performance over the benchmark
return.
z There are other fees are payable in relation to specific services provided by
the Manager.
See page 32 for further information on the Management Agreement.
Offer to Investors The Offer is only being made in New Zealand.
PRODUCT DISCLOSURE STATEMENT 3
1.5 HOW YOU CAN GET YOUR MONEY OUT Capital expenditure
Oyster Industrial does not intend to quote these Shares The replacement of building services and structural
on a market licensed in New Zealand and there is no works to the buildings are not usually recoverable
other established market for trading them. This means from tenants under their leases, these are a cost to
that you may not be able to sell your Shares. Oyster Industrial.
Oyster Industrial does not offer a buy back or redemption The Manager has engaged various building surveyors
facility for the Shares. to provide building condition reports and provide
capital expenditure plans in relation to the Properties.
1.6 KEY DRIVERS OF RETURNS Recommended capital expenditure for the period
to 31 March 2022 has been included in the financial
The Board of Oyster Industrial believes that the
forecast.
following current and future factors will have the most
impact on the financial performance of the business. Value of the Industrial Portfolio
Income The change in value of a Share in Oyster Industrial
is predominantly tied to the change in value of the
Oyster Industrial’s primary source of income is rental
Industrial Portfolio, which as at the date of this PDS is
income from the Industrial Portfolio. From this rental
the value of the Properties. The value of the Industrial
income Oyster Industrial is required to pay its operating
Portfolio will be influenced by the property market,
expenses which include any unrecoverable operating
changes in rental paid by the tenants and the remaining
costs of the Industrial Portfolio, fees, company expenses
term of the leases of the Industrial Portfolio.
and interest on its Bank Loans. The rental income from
the Properties is underpinned by fixed rental increases Future acquisitions
under the leases.
Oyster Industrial intends to grow the Industrial Portfolio
Bank interest rates through further property purchases. The purchase of
further properties will diversify the Industrial Portfolio
Oyster Industrial’s primary expense is the payment of
and affect Oyster Industrial’s net income and dividends
interest on the Bank Loans. An increase or decrease in
payable to Investors. Oyster Industrial’s investment
interest rates on these loans may increase or decrease
strategy is detailed on page 9.
the amount of money available to distribute to Investors.
More information on Oyster Industrial and the Manager’s
Oyster Industrial has an interest rate management
key strategies and plans for the above (and other) factors
strategy that considers both the length of the remaining
can be found in section 2 of the PDS.
Bank Loan term and the WALT for the Industrial
Portfolio properties when hedging interest rate risk.
Oyster Industrial has entered into a fixed interest rate
to 20 October 2022 for Term Loan 1 and will enter into
a fixed interest rate for 50% of Term Loan 2. See the
section headed ‘Oyster Industrial’s Bank Loans’ on
page 26 for further details.
4 OYSTER INDUSTRIAL LIMITED
1.7 EY RISKS AFFECTING
K Interest Rates
THIS INVESTMENT
Oyster Industrial’s primary expense is the interest
Investments in shares are risky. You should consider if payable under the Bank Loans. There are two ways that
the degree of uncertainty about Oyster Industrial’s future changes in interest rates affect Oyster Industrial:
performance and returns is suitable for you. The price of
these Shares should reflect the potential returns and the z the floating portion of the bank loans
particular risks of these Shares.
z the new interest rate fixed on the expiry of a fixed
Oyster Industrial considers that the most significant risk interest rate period.
factors that could affect the value of the Shares are:
An increase in interest rates could affect Oyster
Tenant concentration Industrial’s ability to maintain a 5.25 cents per Share
per annum distribution rate. The impact on the rates
71 and 77 Westney Road are leased to Cardinal Logistics of return of any increase in interest rates would be
Limited. These leases will make up 38% of Oyster dependent on the extent of the movement in the rates.
Industrial’s rental income. A significant proportion of
Oyster Industrial’s income will be reliant on receiving Oyster Industrial has entered into fixed interest rates
income from this tenant. Should this tenant default on for 59% of the total being borrowed. The fixed interest
its lease, or not renew its leases on the expiry of their rate for 18% of the Bank Loans expires on 20 October
current terms, Oyster Industrial will have reduced income 2022, the other for 41% of the Bank Loans will expire
to pay its expenses or pay dividends to Investors during three years following settlement of 77 Westney Road
the period of vacancy. (expected expiry is 28 October 2024). This provides
some certainty as to interest costs for the period that
Both the leases to Cardinal Logistics Limited have bank they are hedged.
guarantees in place and one lease also has a personal
guarantee from the tenant’s sole director. This summary does not cover all of the risks of investing
in the Shares. You should also read section 8 of the PDS.
The leases both have over 8 years left to run. Oyster
Industrial will enter into renewal negotiations with the
1.8 HERE YOU CAN FIND OYSTER
W
tenant prior to the lease expiry dates in order to obtain
INDUSTRIAL’S FINANCIAL
advance warning should the tenant not wish to renew
INFORMATION
either of these leases. If vacant, It is expected that
alternate tenants should be able to be found for these The financial position and performance of Oyster
properties within a reasonable time. Industrial are essential to an assessment of this Offer.
You should also read section 7 of the PDS (Oyster
Industrial’s Financial Information).
PRODUCT DISCLOSURE STATEMENT 5
CONTENTS 12 HARBOUR RIDGE DRIVE
1. KEY INFORMATION SUMMARY 1
2. OYSTER INDUSTRIAL AND WHAT IT DOES 8
3. PURPOSE OF THE OFFER 43
4. KEY DATES AND OFFER PROCESS 44
5. TERMS OF THE OFFER 45
6. KEY FEATURES OF ORDINARY SHARES IN OYSTER INDUSTRIAL 47
7. OYSTER INDUSTRIAL’S FINANCIAL INFORMATION 49
8. RISKS TO OYSTER INDUSTRIAL’S BUSINESS AND PLANS 55
9. TAX 59
10. WHERE YOU CAN FIND MORE INFORMATION 61
11. HOW TO APPLY 62
12. CONTACT INFORMATION 63
101 MCLAUGHLINS ROAD
6 OYSTER INDUSTRIAL LIMITED
LETTER FROM THE CHAIR
Dear Investor,
We are pleased to present you with the third equity The portfolio, including the additional property, has
raise for Oyster Industrial. Oyster Industrial is a limited been independently valued at $180.35 million providing
liability company, established as an open-ended and a geographical spread of investments (by value) in
PIE structured unlisted property vehicle. It aims to grow, Auckland and Wellington of 63% and 37% respectively.
through further acquisitions, a stable and diversified The Properties are 100% occupied and will comprise
portfolio of industrial real estate. Targeted investments 6 tenancies including multinational brands such as
will provide tenant and property diversification within the Plumbing World, Downer and Alto Packaging (Pact
industrial sector. A key objective for Oyster Industrial is Group) along with Cardinal Logistics, a New Zealand
delivering a stable monthly income return to investors owned and operated company providing dedicated
whilst providing the potential for long-term capital gain. warehousing of fast-moving consumer goods. The
tenancies provide a combined weighted average lease
Oyster Industrial has delivered exceptional returns
term of 9.02 years (as at 31 October 2021) including fixed
to investors, providing a total return of 23.9% for the
rental increases ranging from 1.4% to 3.0% per annum.
12 month period to 31 July 20211. The industrial sector
has been the strongest performing asset class within Oyster Industrial is delighted to offer this premium
2
the New Zealand property sector for the past 15 years investment opportunity with a minimum investment
and continues to retain its appeal to investors due of 50,000 shares ($57,000 at $1.14 per share), and
to its strong defensive qualities and sound occupier multiples of 50,000 shares thereafter. Oyster Industrial
fundamentals which is supported by low vacancies, is forecasting a pre-tax cash return of 5.25 cents per
supply constraints of appropriately zoned industrial share p.a. payable monthly, equating to 4.6% p.a. on
land and consistent rental growth. the minimum investment of $57,000.
Oyster Industrial has contracted to purchase 77 Westney Oyster Industrial is managed by Oyster Management
Road located in Māngere, Auckland and as a result Limited, a leading New Zealand commercial property
we are pleased to present you with the third equity fund manager. The Manager manages a range of retail,
raise. The additional property is a large-scale industrial office, and industrial assets throughout New Zealand,
facility that provides both warehouse and office with a combined value in excess of $2.1 billion.
accommodation to Cardinal Logistics Limited with a net
This PDS contains important information about this offer.
lettable area of 10,314m², sitting to the rear of existing
I encourage you to read the PDS carefully before making
Oyster Industrial property 71 Westney Road site on its
your investment decision.
own freehold title of 12,831m². To date, Oyster Industrial
has experienced strong demand from investors with the
initial and subsequent equity raises (totaling $78 million)
both oversubscribed. Due to the strong investment
fundamentals of the industrial asset class and fixed
rental growth within this multi-asset portfolio, we believe
this investment opportunity will continue to have strong
investor appeal. Joanna Perry
Chair
Oyster Industrial Limited
¹ Calculated from 1 August 2020 to 31 July 2021 based on the net asset value per share (including the 31 July 2021 valuations) and dividends paid
during the period. Past performance is no indication or guarantee of future performance.
² Source: MSCI as at 31 March 2021.
PRODUCT DISCLOSURE STATEMENT 7
2. OYSTER INDUSTRIAL AND WHAT IT DOES
2.1 OVERVIEW OF OYSTER INDUSTRIAL Oyster Industrial will be managed on a day to day basis
by the Manager who currently manages in excess of
Oyster Industrial was established in 2019 to invest solely
$2.1 billion of commercial property across New Zealand.
in a portfolio of industrial property. Oyster Industrial
Further details about the Manager are set out in
has five Properties – located at 12 Harbour Ridge Drive,
section 2.7.
Wiri, Auckland, 101 McLaughlins Road, Wiri, Auckland,
75 Wainui Road, Lower Hutt, Wellington, 14-16 Makaro Investment Philosophy
Street, Porirua, Wellington and 71 Westney Road,
Oyster Industrial is a limited liability company that has
Māngere, Auckland held by its wholly-owned subsidiary
been established to invest in a diversified portfolio
Oyster Industrial Properties Limited. Oyster Industrial
of industrial real estate. Oyster Industrial will target
Properties Limited has contracted to purchase
investments with a geographic weighting in Auckland,
77 Westney Road, Māngere, Auckland. Further details of
Hamilton, Tauranga, Wellington, and Christchurch.
the Properties are set out in section 2.3. Oyster Industrial
will use $18,297,000 of equity and $15,700,000 of bank
funding from Westpac to purchase 77 Westney Road
(see page 43 for details).
››››››››››››››
Investors
HOLD
SHARES
IN
››››››››››››››
Oyster
Management
››››››››››››››››››››› Oyster Industrial Limited
Limited MANAGES
OWNS
Oyster Industrial Properties Limited
›››››››››
›››››››››››››
EXISTING ADDITIONAL
PROPERTIES PROPERTIES
12 Harbour Ridge Drive 77 Westney Road
Wiri, Auckland Māngere, Auckland
101 McLaughlins Road
Wiri, Auckland
75 Wainui Road
Lower Hutt, Wellington
14-16 Makaro Street
Porirua
71 Westney Road
Māngere, Auckland
8 OYSTER INDUSTRIAL LIMITED12 HARBOUR RIDGE DRIVE
Investment strategy – leases with strong tenant covenants;
Oyster Industrial’s current strategic investment – assets with long term leases;
objectives are: – quality new builds or recently built and/or
refurbished industrial assets; and
z A predominant focus on Auckland, Hamilton,
Tauranga, Wellington and Christchurch based – properties where capital expenditure is expected
assets with strategic exposure to other cities where to be low.
considered necessary for return enhancement,
z Maintaining a target WALT of 6 years or greater.
geographic diversification and tenant diversification.
z Maintaining a long-term LVR of 40-50% with the
z A stable income with the potential for long-term
ability for borrowings to increase the LVR beyond
capital growth.
the targeted range as required for the acquisition of
z Investment in: new assets.
– functional warehouses and showrooms; z An interest rate management strategy that considers
– logistics assets; both the length of the remaining Bank Loan term and
the WALT for the Industrial Portfolio properties when
– manufacturing sites;
hedging interest rate risk.
– properties located in close proximity to major
infrastructure such as major roads, airports, Oyster Industrial will continue to look for opportunities
ports, rail and CBDs; to grow the Industrial Portfolio and continue to review its
strategy to reflect market conditions and opportunities.
PRODUCT DISCLOSURE STATEMENT 92.2 KEY DRIVERS OF OYSTER INDUSTRIAL’S FUTURE FINANCIAL PERFORMANCE
The current and future aspects that will have, or may have, the most impact on the financial returns for Oyster
Industrial, as well as the specific strategies and plans to manage those factors, are set out below.
Key factor driving return Strategies and plans to manage this factor
Income The leases of the Properties have fixed rental
Oyster Industrial’s primary source of income is rental increases. The fixed rental increases will assist in
income from the Industrial Portfolio, which as at the mitigating the impact of any increase in expenses.
date of this PDS is rental income from the tenants of the
Properties. From this rental income Oyster Industrial is
required to pay its operating expenses which include any
unrecoverable operating costs of the Industrial Portfolio,
fees, company expenses and interest on its Bank Loans.
Bank interest rates Oyster Industrial has entered into fixed interest
Oyster Industrial’s primary expense is the payment of rates for 59% of the total being borrowed. The fixed
interest on the Bank Loans. An increase or decrease in interest rate for 18% of the Bank Loans expires on
interest rates on these loans will increase or decrease the 20 October 2022, the other for 41% of the Bank
amount of money available to distribute to Investors. Loans will expire three years following settlement
of 77 Westney Road (expected expiry is 28 October
2024). This provides some certainty as to interest
costs for the period that they are hedged. See the
section headed ‘Oyster Industrial’s Bank Loans’ on
page 26 for further details.
Capital expenditure The Manager has engaged various building
The replacement of building services and structural surveyors to provide building condition reports and
works to the Properties and other future assets acquired provide capital expenditure plans in relation to the
for the Industrial Portfolio are not normally recoverable Properties. Recommended capital expenditure for
from the tenants under the leases. These are a cost to the period to 31 March 2022 has been included in
Oyster Industrial. the financial forecast.
Value of the Industrial Portfolio The Industrial Portfolio will be actively managed by
The change in value of a Share in Oyster Industrial is the Manager in order to maintain or increase property
predominantly tied to the change in value of the Industrial values and achieve growth in rental income. The
Portfolio. The value of the Industrial Portfolio will be leases of the Properties have fixed rental increases.
influenced by the property market, changes in rental paid
by the tenants and the remaining term of the leases of the
Industrial Portfolio properties.
Future acquisitions Oyster Industrial’s strategic investment objectives
Oyster Industrial intends to grow the Industrial Portfolio for the Industrial Portfolio include:
through further property purchases. The purchase of
further properties will diversify the Industrial Portfolio and A predominant focus on Auckland, Hamilton,
provide the potential for an increase in Oyster Industrial’s Tauranga, Wellington and Christchurch based
net income and dividends payable to Investors. assets with strategic exposure to other cities where
considered necessary for return enhancement,
geographic diversification and tenant diversification.
See the investment strategy on page 9 for more
details.
10 OYSTER INDUSTRIAL LIMITED2.3 THE INDUSTRIAL PORTFOLIO
This section sets out the details of the Industrial Portfolio.
Industrial Portfolio as at 31 October 2021 (assuming that 77 Westney Road has been acquired)
Industrial Portfolio WALT: 9.02 years
Industrial Portfolio Occupancy Rate: 100%
INDUSTRIAL PORTFOLIO BY VALUE
77 Westney Road 12 Harbour Ridge Drive
Māngere, Auckland Wiri, Auckland
17% 9%
101 McLaughlins Road
Wiri, Auckland
13%
75 Wainui Road
Lower Hutt, Wellington
17% 71 Westney Road
Māngere, Auckland
24%
14-16 Makaro Street
Porirua, Wellington
20%
LEASE EXPIRY PROFILE
Cardinal Logistics Limited (77)
Cardinal Logistics Limited (71)
Downer New Zealand Limited
Alto Packaging Limited
Plumbing World Limited
NBL (New Zealand) Limited
4
5
6
7
8
9
0
1
2
3
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ar
ar
ar
ar
ar
ar
ar
ar
ar
M
M
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PRODUCT DISCLOSURE STATEMENT 11A. 101 MCLAUGHLINS ROAD, WIRI, AUCKLAND
Current Independent Valuation $22,200,000 prepared by CBRE as at 30 July 2021 in accordance with the current
Australia and New Zealand Property Institute Valuation and Property Standards.
You can find a copy of the independent valuation report on the Offer Register
at https://disclose-register.companiesoffice.govt.nz/disclose.
Property and 101 McLaughlins Road is a modern high-quality warehouse with a single level
building description of offices and canopy constructed in 2019.
The building comprises a steel framed structure supported by a reinforced
concrete pad. The roof structure comprises a steel frame and steel purlins
which support a lightweight metal roof covering. External walls comprise
concrete tilt slab and precast tilt slab with profiled metal above to the
warehouse. The office component consists of full height aluminum framed
glazing with aluminum louvers.
Location characteristics The property is located 8.6 km to the east of Auckland Airport, in the
established industrial suburb of Wiri.
The property is approximately 2.2 km from State Highway 20 which has direct
links via State Highway 20B to Auckland Domestic and International Airport,
the Waterview tunnel heading north into Auckland and south bound links
to SH1.
The property is zoned ‘Special Purpose – Quarry’, with a resource management
decision granting a Business 5 use (Light Industry) on the land.
WALT 7.6 years (as at 31 October 2021)
Occupancy 100%
Land area 9,605m2
Net lettable area 7,317.50m2
Seismic rating Designed to a seismic loading of no less than 100% Ultimate Limit State, which
equates to a rating of greater than 100% NBS.
You can find a copy of the seismic rating letter on the Offer Register at
https://disclose-register.companiesoffice.govt.nz/disclose.
12 OYSTER INDUSTRIAL LIMITEDCurrent rent Expiry date of Rights of renewal Rent
Tenant per annum current term (remaining) review
Plumbing World Limited $883,622 plus 31 May 2029 2 rights of renewal Fixed 2% per annum.
GST per annum for 5 years each Market review at
year 5 (and on
renewal dates) with a
maximum movement
of +/- 5%.
Plumbing World Limited is a
wholly owned subsidiary of
NZPM Group Limited. The
tenant has over 50 stores
nationally and supplies a
range of stock from basic
trade plumbing products to
high end bathroom fittings.
The lease is guaranteed by
NZPM Group Limited for the
term of the lease.
101 MCLAUGHLINS ROAD
PRODUCT DISCLOSURE STATEMENT 13B. 12 HARBOUR RIDGE DRIVE, WIRI, AUCKLAND
Current Independent Valuation $15,650,000 prepared by CBRE as at 30 July 2021 in accordance with the current
Australia and New Zealand Property Institute Valuation and Property Standards.
You can find a copy of the independent valuation report on the Offer Register
at https://disclose-register.companiesoffice.govt.nz/disclose.
Property and 12 Harbour Ridge Drive is a modern high-quality warehouse with two levels of
building description offices and canopy constructed in 2017.
The building comprises a steel framed structure supported by a reinforced
concrete pad. The roof structure comprises a steel frame and steel purlins
which support a lightweight metal roof covering. External walls comprise
concrete tilt slab panels to the warehouse and full height aluminum framed
glazing to the offices.
Location characteristics The property is located 8.6 km to the east of Auckland Airport, in the
established industrial suburb of Wiri.
The property is well-connected, approximately 2.2 km from State Highway
20 which has direct links via State Highway 20B to Auckland Domestic and
International Airport, the Waterview tunnel heading north into Auckland and
south bound links to SH1.
The property is zoned ‘Special Purpose – Quarry’, with a resource management
decision granting a Business 5 use (Light Industry) on the land.
WALT 6.1 years (as at 31 October 2021)
Occupancy 100%
Land area 6,140m2
Net lettable area 5,301m2
Seismic rating Designed to a seismic loading of no less than 100% Ultimate Limit State, which
equates to a rating of greater than 100% NBS.
You can find a copy of the seismic rating letter on the Offer Register at
https://disclose-register.companiesoffice.govt.nz/disclose.
14 OYSTER INDUSTRIAL LIMITEDCurrent rent Expiry date of Rights of renewal Rent
Tenant per annum current term (remaining) review
NBL (New Zealand) $665,002 plus 30 November 2 rights of renewal Fixed 2.5% per
Limited GST per annum 2027 for 5 years each annum. Market
review on renewal.
NBL (New Zealand) Limited is a
subsidiary of NBL (Guangzhou)
Natural Nutritional Food Co.
Limited. NBL (New Zealand)
Limited is a company
specialising in infant milk
formula processing for export
into overseas markets such as
China. The tenant‘s installation
of their new milk powder and
canning facility at the property
is nearing completion. A
bank guarantee of $735,000
has been provided by the
tenant. The guarantee is for
12 months’ rent and outgoings,
provided on a rolling basis
during the term of the lease.
12 HARBOUR RIDGE DRIVE
PRODUCT DISCLOSURE STATEMENT 15C. 75 WAINUI ROAD, LOWER HUTT, WELLINGTON
Current Independent Valuation $31,500,000 prepared by JLL as at 28 July 2021 in accordance with the current
Australia and New Zealand Property Institute Valuation and Property Standards.
You can find a copy of the independent valuation report on the Offer Register
at https://disclose-register.companiesoffice.govt.nz/disclose.
Property and A substantial plastics recycling factory with a total net lettable area of 18,871m2
building description situated on a large land holding with good access and circulation. The largest
building is the main warehouse which was newly constructed in 2009 and
accounts for 47% of the annual rent with the remaining buildings being of
mixed ages. The property also provides yard space along with substantial
areas of residual land for future development opportunities.
Location characteristics 75 Wainui Road is located within Lower Hutt, Wellington on the fringe of the
industrial sector of Gracefield and Waiwhetu.
The site has frontage on the northern side of Wainui Road. The property is a
2.9 km drive from central Lower Hutt and 19 km from the Wellington CBD.
The area is predominately occupied by storage, logistics, freight forwarding,
engineering, and manufacturing related companies.
The site is zoned ‘General Business’ under the Hutt City Council District
Plan. The Property is identified as prone to flooding in an extreme rainfall
event, which is identified in the Land Information Memorandum as a 1 in
100-year event.
WALT 11.3 years (as at 31 October 2021)
Occupancy 100%
Land area 44,371m²
Net lettable area 18,871m2
Seismic rating The Vendor of the property (Flight Limited) agreed to provide an escrow sum
of $3,500,000 for Oyster Industrial to seismically upgrade the buildings on the
property. The minimum seismic requirement for all buildings on the property
is 50% NBS with a desired target of 67% NBS. If the costs to undertake the
seismic works to get the buildings up to the targeted NBS rating of 67% is
estimated to be above the escrow sum of $3,500,000 then Oyster Industrial
and the Vendor will agree on which buildings will be upgraded to 67% NBS
with the remaining buildings to only be upgraded to the minimum NBS
rating of 50%.
There are no seismic warranties in the lease to Alto Packaging Limited.
Oyster Industrial does not hold a current Detailed Seismic Assessment for the
property. This will be obtained on completion of the works.
16 OYSTER INDUSTRIAL LIMITEDCurrent rent Expiry date of Rights of renewal Rent
Tenant per annum current term (remaining) reviews
Alto Packaging Limited $1,722,470 plus 28 January 2033 3 rights of renewal Fixed 3% per
GST per annum for 5 years each annum. Market
review on renewal
capped at 110% of
current rent. Rent
cannot decrease
on review.
Alto Packaging Limited (trading
as Flight Plastics) leads the
way as New Zealand’s first PET
wash plant in New Zealand,
recycling plastic from around
New Zealand into new food
packaging which in turn is
100% recyclable. The lease is
guaranteed by ASX listed entity
Pact Group Holdings Limited.
7 5 W A I N U I R O A D , L O W E R H U T T, W E L L I N G T O N
PRODUCT DISCLOSURE STATEMENT 17D. 14-16 MAKARO STREET, PORIRUA, WELLINGTON
Current Independent Valuation $36,000,000 prepared by JLL as at 28 July 2021 in accordance with the current
Australia and New Zealand Property Institute Valuation and Property Standards.
You can find a copy of the independent valuation report on the Offer Register
at https://disclose-register.companiesoffice.govt.nz/disclose.
Property and A high quality and modern industrial asset comprising a purpose built 2 story
building description office building and two single story industrial warehouses with associated yard
on a substantial freehold site.
Location characteristics The property is located within the main industrial precinct of Elsdon, Porirua,
with Makaro Street being one of the more recent industrial subdivisions in the
Porirua area. Surrounding properties comprise a mixture of new and older
industrial buildings. Prominent occupiers in the area include Bunnings, Harvey
Norman, Whittakers, Mitsubishi, NZ Post and Placemakers.
Access to State Highway 1 in both a north and south direction is approximately
2.6km from the property, with the Wellington CBD approximately 21.3km away.
The site is zoned ‘Industrial Zone’ under the Porirua City District Plan. The
property is listed on the Selected Land Use Register (SLUR) as a category 1 site
– being unverified history of hazardous activity or industry site.
The site is fully sealed with existing buildings on site. There is currently no
further development proposed. Any further development may require further
site investigation pending council approval.
WALT 10.1 years (as at 31 October 2021).
Occupancy 100%
Land area 25,026m²
Net lettable area 21,894m²
Seismic rating The office building has been rated at 80% of NBS.
You can find a copy of the Initial Seismic Assessment Report on the Offer
Register at https://disclose-register.companiesoffice.govt.nz/disclose.
18 OYSTER INDUSTRIAL LIMITEDCurrent rent Expiry date of Rights of renewal Rent
Tenant per annum current term (remaining) reviews
Downer New Zealand $1,666,148 plus 29 November 6 rights of renewal Greater of 3% or
Limited GST per annum 2031 for 5 years each CPI per annum
(compounded)
every two years,
next review is
30 November 2021.
Market reviews on
renewal capped
at 110% of current
rent, rent cannot
decrease on review.
Downer New Zealand Limited
is a subsidiary of the NZX
and ASX listed Downer EDI
Limited. Downer New Zealand
designs, builds and sustains
assets, infrastructure and
facilities and provides
integrated services in Australia
and New Zealand. The lease
does not have a guarantor.
1 4 – 1 6 M A K A R O S T R E E T, P O R I R U A , W E L L I N G T O N
PRODUCT DISCLOSURE STATEMENT 19E. 71 WESTNEY ROAD, MĀNGERE, AUCKLAND
Current Independent Valuation $43,500,000 prepared by JLL as at 31 July 2021 in accordance with the current
Australia and New Zealand Property Institute Valuation and Property Standards.
You can find a copy of the independent valuation report on the Offer Register
at https://disclose-register.companiesoffice.govt.nz/disclose.
Property and This is a large-scale industrial building constructed in the mid-2000s. Main
building description improvements consist of a high stud warehouse, associated canopies and
offices split over two levels.
Location characteristics The property has a prominent position with good road frontage in the
established Auckland industrial area of Airport Oaks, Māngere, close to the
Auckland International Airport.
The property is zoned ‘Business-Light Industry’ under the Auckland Unitary
Plan. Part of the property is subject to overland flow paths and is in a flood
prone area.
WALT 8.1 years (as at 31 October 2021).
Occupancy 100%
Land area 21,397m²
Net lettable area 17,343m²
71 WESTNEY ROAD, MĀNGERE, AUCKLAND
20 OYSTER INDUSTRIAL LIMITEDCurrent rent Expiry date of Rights of renewal Rent
Tenant per annum current term (remaining) review
Cardinal Logistics Limited $2,039,532 plus 12 December 3 rights of renewal Annual 1.4% fixed
GST per annum 2029 for 5 years each rent reviews with
three yearly market
rent reviews (to the
greater of market
and 1.4%).
Cardinal Logistics Limited
is a New Zealand owned
and operated logistics
company providing dedicated
warehousing and distribution
of fast moving consumer
goods (FMCG products) mostly
in the grocery sector. The lease
has a personal guarantee from
the tenant’s sole director and
bank guarantee.
71 WESTNEY ROAD, MĀNGERE, AUCKLAND
PRODUCT DISCLOSURE STATEMENT 21F. 77 WESTNEY ROAD, MĀNGERE, AUCKLAND
Current independent valuation $31,500,000 prepared by JLL as at 28 June 2021 in accordance with the current
Australia and New Zealand Property Institute Valuation and Property Standards.
The valuer has highlighted in their valuation report that the COVID-19
pandemic and associated restrictions have had a significant impact on the
global and local economies. At the valuation date New Zealand was at ‘Alert
Level 1’, with some caution evident following the third COVID-19 linked
lockdown in February 2021. The valuation is based on the valuer’s opinion of
‘Market Value’, incorporating an assumption of a willing buyer and seller.
Property and This is a large scale industrial building constructed in the mid-2000s.
building description
Main improvements consist of a high stud (8.4 metres to the knee) warehouse
space, offices and canopies.
Location characteristics The property has a prominent position with good road frontage in the
established Auckland industrial area of Airport Oaks, Māngere, close to the
Auckland International Airport.
The property is zoned ‘Light Industry’ under the Auckland Unitary Plan. Part of
the property is subject to overland flow paths and is in a flood prone area.
WALT 8.1 years (as at 31 October 2021).
Occupancy 100%
Land area 12,831m²
Net lettable area 10,314m²
22 OYSTER INDUSTRIAL LIMITEDCurrent rent Expiry date of Rights of renewal Rent
Tenant per annum current term (remaining) review
Cardinal Logistics Limited $1,256,272 plus 15 December 2 rights of renewal Annual 1.5% fixed
GST per annum 2029 for 6 years each rent reviews.
Market reviews on
renewal.
Cardinal Logistics Limited
is a New Zealand owned
and operated logistics
company providing dedicated
warehousing and distribution
of fast moving consumer goods
(FMCG products) mostly in
the grocery sector. A bank
guarantee to the equivalent of
12 month’s total annual rent is
to be provided by the tenant
under the Lease.
77 WESTNEY ROAD, MĀNGERE, AUCKLAND
Financial standing of the tenants have. The Manager is not aware of any of the tenants
failing to meet any of their material obligations under
The Manager does not have access to all financial their agreements in relation to the property apart
information related to the tenants. The Manager from NBL (New Zealand) Limited (NBL). NBL is
carries out due diligence on the financial standing of overdue on the payment of its monthly rental for
new tenants. Such enquiries include searches of the August and September 2021. The Manager is in
Insolvency Register, and publicly available information. contact with NBL and pursuing the overdue rental. A
bank guarantee of $735,000 has been provided by the
However, the Manager cannot comment with any tenant on a rolling basis throughout the lease term. In
certainty on the financial standing of any tenant and additional to NBL, number of tenants have provided
the impact any economic or market pressures may bank guarantees, or parent company/personal
guarantees.
PRODUCT DISCLOSURE STATEMENT 232.4 THE INDUSTRIAL PROPERTY MARKET Rental growth returns
Oyster Industrial has been established to create an Auckland and Wellington industrial warehouse rents
Industrial Portfolio comprising of diversified industrial have returned to mild growth in early 2021 having
real estate. Chris Dibble of Colliers International remained relatively flat over 2020, reflecting the
Research has provided a summary below of the disruption caused by COVID-19. Prior to this, Auckland
performance and outlook for the Auckland and and Wellington rents had increased by 20% and 30%
Wellington industrial property market. respectively over the past five years.
AUCKLAND AND WELLINGTON INDUSTRIAL Under current market conditions, we broadly expect
MARKET OVERVIEW average net face prime rents to increase at an average
annual rate of around 2% to 3% over the next five years.
Industrial sector retains its appeal
INVESTOR SENTIMENT STRONG FOR
Demand for industrial workspace has been strongly
INDUSTRIAL ASSETS
underpinned by expansion across several of the sector’s
largest occupier groups, holding vacancy rates at
Colliers Research’s June 2021 quarter investor
low levels.
confidence survey showed investor sentiment reached
Rapid growth in online retailing, record levels of house a record high. Across the country, the industrial sector
building, a pipeline of major infrastructure projects and generated the highest levels of confidence, results
increased demand for data centres have combined to which were mirrored in both Auckland and Wellington.
support high levels of leasing activity. In Wellington, confidence in the sector reached a new
high while sentiment in the Auckland market has been
The impact on the sector is clearly illustrated by vacancy at elevated levels for most of the last decade.
rates which remain at historically low levels. Auckland’s
vacancy rate is 2.1%, while in Wellington the rate is just Sentiment has been driven by New Zealand’s strong
slightly higher at 2.4%. economic rebound and performance following the first
national lockdown in 2020, while also bolstered by the
Given current supply and demand dynamics further
low interest rate environment. The latter has heightened
movements in vacancy rates are likely to be limited over
demand for higher yielding assets. Industrial property,
the short-term future.
given its strong defensive qualities and sound occupier
Natural supply constraints fundamentals, has proved to be a popular option for
purchasers.
In Auckland and Wellington, constraints on increasing
new supply exist, particularly the lack of vacant Competition for property combined with the decline in
industrially zoned land with the shortage being returns on risk free alternatives has resulted in strong
particularly acute within established industrial precincts. yield compression over recent years.
Over the 12 months to May 2021, Auckland and Average prime yields in Auckland range between 3.75%
Wellington’s consented industrial floor space was and 4.5% as at Quarter 2 in 2021. In Wellington, prime
approximately 402,750 sqm and 49,700 sqm respectively. yields range from 4.25% to 6.5%. Yield compression
While the Auckland figure was up on the figure recorded has resulted in significant value growth over the
in 2020, it remains below the 563,200 sqm consented in last year driving a lift in total returns. The industrial
2019. The Wellington figure changed marginally from the sector generated total returns of 21.8% in the year to
50,150 sqm consented in 2020, representing a relatively March 2021 according to figures released by MSCI, the
limited development response in a market with such a highest annual figure recorded in this asset class since
low vacancy rate. inception of the data series.
24 OYSTER INDUSTRIAL LIMITEDAUCKLAND AND WELLINGTON INDUSTRIAL NET FACE RENTS
$200
Forecast
$180
Industrial net combined face rents ($/m2)
$160
$140
$120
$100
$80
$60
$40
Se 4
Se 5
Se 6
Se 7
Se 8
Se 9
Se 0
Se 1
Se 2
23
Ju 4
D 4
M 4
Ju 5
D 9
M 9
15
M 5
Ju 6
16
M 6
Ju 7
D 7
M 7
Ju 8
18
M 8
Ju 9
Ju 0
20
M 0
Ju 1
21
M 1
Ju 2
22
M 2
Ju 3
1
1
1
1
1
1
2
2
2
-1
1
-1
-1
1
-1
-1
-1
-1
-1
-1
1
-1
-1
-1
-2
-2
-2
-2
-2
-2
-2
n-
n-
n-
n-
n-
n-
n-
n-
n-
n-
p-
p-
p-
p-
p-
p-
p-
p-
p-
ar
ar
ar
ar
ar
ar
ec
ec
ec
ec
ec
ec
ar
ar
ar
ar
ec
ec
ec
M
D
D
D
D
D
D
Auckland Prime Auckland Secondary Wellington Prime Wellington Secondary
INDUSTRIAL VACANCY RATES – AUCKLAND VS. WELLINGTON
12.0%
10.0%
8.0%
Vacancy Rate
6.0%
4.0%
2.0%
0.0%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Auckland Wellington
Research is dated 28 July 2021 and research projections assume level 4 lockdown restrictions ease prior to 1 October 2021.
Source Colliers International Research
PRODUCT DISCLOSURE STATEMENT 252.5 OYSTER INDUSTRIAL’S BANK LOANS The terms of both the Bank Loans are:
On the settlement of 77 Westney Road Oyster Industrial
Personal No personal guarantees. There is
will have two term loans with Westpac. The Term Loans
guarantees no recourse to Investors.
will be used as long term funding for Oyster Industrial.
It is intended that these loans will be refinanced at Principal Interest only for the initial term with
the expiry of their terms. The key terms of the Bank payments full clearance of the loan balance at
Loans are: the end of the term.
Existing Bank Loan Security A registered first and exclusive
Description Term Loan 1 mortgage over the Properties.
A registered first and exclusive
Facility limit $15,530,000
general security deed over all of the
Interest rate Fixed at 3.17% p.a. present and after acquired property
to 20 October 2022 of Oyster Industrial Limited and
Oyster Industrial Properties Limited.
Term to 20 October 2022
Key Interest cover ratio: For Term
Description Term Loan 2
covenants Loan 2 earnings are to be at least
Facility limit $69,200,000 2 times funding costs, comprising
all interest, charges and fees related
Interest rate 50% fixed at 3.50% p.a. to funding. For Term Loan 1 the
to 28 October 2024 ratio is 1.75 times.
50% at Westpac’s 90-day bank bill Loan to value ratio: Not to exceed
rate plus a margin of 2.15% p.a.1 55% of the value of the Properties
and all other assets secured to
Term 3 years from settlement of
77 Westney Road (expected term Westpac.
expires on 28 October 2024)
1
The indicative interest rate at 24 August 2021 is 2.65%pa.
On liquidation of Oyster Industrial the Bank Loans and
all other liabilities of Oyster Industrial (including under
the leases and Oyster Industrial’s business as usual
activities) will rank in priority to the Shares.
12 HARBOUR RIDGE DRIVE
26 OYSTER INDUSTRIAL LIMITED2.6 UNDERWRITES Repayment of the Underwrites
To ensure that Oyster Industrial will be able to purchase If the Wyborn Underwrite is required to settle
77 Westney Road, Oyster Industrial has entered into: 77 Westney Road, the Manager will, on behalf of
Wyborn, re-sell any Shares subscribed for under the
a) an underwrite agreement with the Manager pursuant
Wyborn Underwrite. Once all of the Shares subscribed
to which the Manager has agreed to subscribe for
for under the Wyborn Underwrite have been re-sold, the
any Shares that have not been subscribed for up to
Manager will re-sell any Shares subscribed for under the
a maximum of 2,192,982 Shares ($2,500,000). The
Oyster Underwrite. The Manager will offer the Shares for
underwrite fee is 3% of the underwritten amount; and
sale on the same terms and conditions as the issue of
b) an underwrite agreement with Wyborn pursuant to Shares by Oyster Industrial as set out in this PDS.
which Wyborn has agreed to subscribe for any Shares
that have not been subscribed for up to a maximum
of 13,859,649 Shares ($15,800,000); if Shares remain
unsubscribed after the full amount of the Oyster
Underwrite has been called upon. The underwrite
fee is 3% of the underwritten amount plus 1% of
the amount drawn down. There is a penalty return
payable on the amount of the underwrite drawn
down of 9% p.a., payable by Oyster Industrial to
Wyborn on any amount of the drawdown amount
not repaid 5 months after the drawdown, calculated
daily, and paid monthly in arrears.
12 HARBOUR RIDGE DRIVE
101 MCLAUGHLINS ROAD
PRODUCT DISCLOSURE STATEMENT 272.7 DIRECTORS OF
OYSTER INDUSTRIAL
Oyster Industrial is overseen by a
board of directors that is led by
Joanna Perry, as Chair. The members
of the Board are also the directors
of the Manager:
Joanna Perry – Chair Mark Schiele – Director
Joanna has a wealth of Mark is a Director of Oyster
governance experience Industrial, a Director of Oyster
spanning a range of industries. Property Group Limited, and
Her current roles include Chair Chief Executive of Oyster
of Oyster Property Group, Management Limited (the
Non-Executive Director of Manager of Oyster Industrial).
Partners Life, Nyriad Limited,
Helius Therapeutics Limited, Mark has been instrumental
and Lodestone Energy Limited, in setting and implementing
and a Trustee of the London- the innovative strategic
based IFRS Foundation. direction for Oyster Property
Group, including the
Joanna’s previous director development of the successful
roles include listed companies Dress- Smart outlet centre
Trade Me, Kiwi Property Group, chain, the amalgamation of
Genesis Energy and CCO Prime Retail Management and
Regional Facilities Auckland, Oyster Property Group, and
as well as sports bodies Rowing the growth of Oyster’s funds
New Zealand and Sports management business.
New Zealand. She was also
previously Chair of the IFRS Mark completed a Bachelor of
Advisory Council. Before taking Property Administration degree
on director roles, Joanna was at the University of Auckland
a partner with KPMG. She 1991. He went on to hold
was also a member of the various management positions
Securities Commission. with Challenge Properties,
St Lukes Group, Richard Ellis
Joanna is a Chartered (now CBRE) and Westfield.
Fellow of the Institute of
Directors. She has been
awarded membership of the
New Zealand Order of Merit.
28 OYSTER INDUSTRIAL LIMITEDGary Gwynne – Director Sophie Haslem – Director Robert Percy – Director
Gary began his career in Sophie has extensive executive Robert has more than 20 years
advertising and marketing. and consulting experience of financial services and
He first joined Charles Haines in strategy and corporate property experience in both
Advertising, then Nestlé, finance having held positions the UK and Australia.
leaving in 1971 to establish with a diverse range of
Colenso Auckland. During his companies in New Zealand Rob is Cromwell’s Chief
16 year tenure with the agency, and Australia, including Investment Officer and is
he was Managing Director New Zealand Post, Citibank responsible for Cromwell’s
of both the Wellington and NA, ANZ Investment Bank, investment, transactions,
Auckland operations. and Cap Gemini Ernst & Young. and merger and acquisition
activities. He plays a central
In 1987, Gary founded Outdoor Sophie is currently Chair of role in the development and
Heritage (now Rodd and Gunn), Meteorological Service of capital raising of new products
selling the exclusive Rodd and New Zealand, and a Director for both Cromwell’s ASX listed
Gunn and Logan labels. of diversified investment firm business and its European and
Rangatira, Omphalos, Kordia, Australian funds management
He was a founding director CentrePort and Livestock operations. Rob is also integral
of Dress-Smart and is a Improvement Corporation. in the operations of Cromwell’s
former director of Michael Hill associated entities, LDK
International Ltd and Sheppard She is a chartered member of Healthcare and Oyster Property
Industries Ltd. the NZ Institute of Directors, Group and is a Director on
and holds a Bachelor of both Boards.
Commerce and Post-Graduate
Diploma in Management from Prior to joining Cromwell in
the University of Melbourne. 2012, he worked for some of
the world’s leading financial
services firms, including
NM Rothschild & Sons,
PricewaterhouseCoopers,
and Investec Bank.
PRODUCT DISCLOSURE STATEMENT 292.8 THE MANAGER
Oyster Industrial is managed by the
Manager, which is a wholly-owned
subsidiary of Oyster Property Group
Limited. The Manager is one of
New Zealand’s leading property
fund managers, managing a range
of retail, office, and industrial
assets throughout New Zealand,
with a combined value in excess Mark Schiele Rachel Barr
– Chief Executive Officer – Chief Financial Officer
of $2.1 billion.
Directors of the Manager Mark is responsible for Rachel leads Oyster
overseeing all of Oyster Management Limited’s Finance
The directors of Oyster Industrial are Management Limited’s Team and is responsible for
also the directors of the Manager. operations and implementing financial management and
Oyster’s agreed strategy. reporting, capital and cash flow
The directors must act in the best Mark is a Director of Oyster management, and taxation
interests of Oyster Industrial. The Management Limited. compliance functions.
Manager has adopted a conflicts
policy which sets out how director Prior to his time with Oyster, She has over 20 years’
Mark held various management experience working in
and employee conflicts of interest
positions with Challenge accounting and finance roles in
will be managed.
Properties, St Lukes Group, both New Zealand and the UK.
Richard Ellis, and Westfield. She worked for nine years at
Key Personnel of the Manager
In 1997, he joined Prime NZX-listed Goodman Property
The following personnel of the Retail Management Limited Trust where, during that time,
Manager who will be responsible as General Manager and Goodman grew from managing
for the management of Oyster was appointed to the Board $250M in property assets to
Industrial alongside the Board are: in 2001. managing over $2 billion in
property assets. In the UK,
Mark completed a Bachelor of she gained fund management
Property Administration degree experience with Rockspring
at the University of Auckland Property Investment Managers,
in 1991. working on various Pan-
European property funds.
Rachel is CA qualified and
holds a Bachelor of Commerce
degree from the University of
Auckland, with a double major
in Financial Accounting and
Commercial Law.
30 OYSTER INDUSTRIAL LIMITEDJames Molloy Steven Harris Ian Hasell – General Counsel
– General Manager Investment – General Manager Property and Company Secretary
James joined Oyster in 2010 as Steven joined Oyster in 2012 Ian is responsible for the legal
a Retail Leasing Executive, and and is responsible for the and regulatory affairs of Oyster
subsequently moved into equity strategic direction of Oyster’s Management Limited, ensuring
raising and transactions roles. entire property portfolio. legal compliance and limiting
Steven provides consistent risk exposure.
As General Manager – Investment, asset management processes,
James executes the strategy strategy, and leadership to the Ian has over 20 years’
for investment decisions made entire property team. experience providing in-house
by Oyster. He is responsible for legal advice to corporates,
the creation of fund structures, Prior to his time with Oyster, including five years at Mitre 10
acquiring and divesting of assets, Steven was a commercial New Zealand as Associate
and securing the appropriate equity property valuer at CBRE for six Legal Counsel and Privacy
for investments through Oyster’s years which, combined with his Officer. Prior to that, Ian spent
retail, wholesale and capital partner more recent Oyster experience, 14 years at DNZ Property
networks. James oversees Oyster’s enables him to offer expertise Group, with the last six years
Transaction, Investor Relations and in what drives the value of as General Manager Corporate
Equity Raising teams. commercial property. Services where he undertook
a wide range of legal and
Previous to his time with Steven completed a Bachelor compliance work ranging from
Oyster, James spent two years of Property at the University prospectus preparation and
representing national retail brands of Auckland in 2005, and is registration, to compliance and
such as Kathmandu, Warehouse a member of the Property governance processes.
Stationery, Noel Leeming Group Institute of New Zealand.
and Bendon, where he provided Ian holds Bachelor of Laws and
strategic property advice to help Bachelor of Arts degrees from
optimise the performance of their the University of Canterbury,
businesses. and is a Member of the
New Zealand Law Society and
James was recognised with a past president of the In-
New Zealand Property Council’s house Lawyers Association of
GreensceneNZ Sheree Cooney New Zealand.
Memorial Award – Young Achiever
of the Year in 2017. He holds a
Bachelor of Property degree from
the University of Auckland and is
a member of the Royal Institute of
Chartered Surveyors.
PRODUCT DISCLOSURE STATEMENT 31You can also read
