Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Oyster’s TAB Offer Closes Fully Subscribed

FOR IMMEDIATE RELEASE

August 8 2014

Oyster’s TAB Offer Closes Fully Subscribed

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 located 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.

- ends –


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Revenue Renewal: Tax Modernisation Programme Launched

Revenue Minister Todd McClay today released the first two in a series of public consultations designed to modernise and simplify the tax system. More>>

ALSO:

Scoop Business:
NZ Puts Seven New Oil And Gas Areas Put Up For Tender

A total of seven new areas will be opened up to oil and gas exploration under its block offer tendering system, as the New Zealand government seeks to concentrate activity in a few strategically chosen areas. More>>

ALSO:

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news