PLP net asset value falls due to vineyard and hop revaluations

Booster Investment Management Limited, as manager of the Private Land and Property Portfolio, reported a net reduction of $5.8 million in property valuations. This adjustment decreases PLP's net asset value by 2.7%, from $1.323 per unit to $1.288 per unit, effective August 27, 2025.

The reduction primarily stems from vineyard properties in Awatere Valley and Hawke's Bay, which saw a combined $6.3 million decrease due to grape oversupply and an uncertain market outlook. Additionally, the investment in Waimea West Hops Limited (WWHL) was reduced by $2.3 million, reflecting market weakness and tariff impacts, despite improved sales for the 2025 season.

Conversely, the three dairy farms in Southland experienced a $2.7 million increase in value. This positive revaluation is attributed to favorable market dynamics in the New Zealand dairy sector, including high transaction volumes, declining interest rates, and strong milk prices.