Project Titan
Anderson Lloyd’s Auckland Property team, led by Dan Williams, has recently assisted Silverfin Acquistions Limited’s subsidiary Silverfin Nominees (Inghams Hatchery) Limited to acquire two large scale poultry farms, being approximately 44.56 hectares in total, in the Waikato region, from Bromley Park Hatcheries Limited
Silverfin is a property syndication company with over $575 million of funds under management. The current acquisition, which also involved Inghams Enterprises (NZ) Pty simultaneously acquiring the hatchery business from Bromley Park Hatcheries Limited and being granted long term leases of the hatcheries by Silverfin – marked Silverfin’s third partnership with Inghams.
The nature of the arrangement was complex, with a tripartite deed negotiated and entered into by all parties to manage the numerous moving parts involved. The deal also involved a wholesale investment scheme which provided investors with the opportunity to invest in one or more of the 470 interests of $50,000 in the scheme, providing an estimated initial return to investors of 7.5% per annum after tax. The balance of the purchase price was made up of debt funding.
Dan Williams said it was great to be able to work with Silverfin on all aspects of the transaction, and assist Silverfin with the next step in its longstanding relationship with Inghams – the latest transaction added assets worth nearly $30 million to its existing poultry-related property portfolio which already included a processing plant, a hatchery and poultry farms worth $120 million in the Waikato.
With New Zealand being recognised as one of the best places in the world to farm poultry, the deal is set to support and secure the growth in chicken consumption in our domestic market.
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