DLA Piper has acted on the successful listing of a property trust on the main board of the NZX.
The global firm advised Booster Financial Services on the listing of Private Land and Property Fund (PLPF) in September. PLPF has been investing for two years and recently accepted public contributions. It has equity of $50 million and debt of $17m and invests in agricultural land, including in assets used for horticulture viticulture.
DLA Piper said that Booster is the first new fund manager to list since the new NZX listing rules came into effect earlier this year. The new rules provides tailored guidelines for funds and removes requirements for significant waivers, the firm said.
“Liquidity and brand enhancement are important, but also some managers are required to invest in listed product, because of the additional regulation in the NZX environment. It’s pleasing to help open new doors like this for investors,” partner Rachel Taylor said.
Taylor headed the DLA Piper team, which also included senior associate Tom Barnes and solicitor Jennifer Smith.
The team earlier advised Smartshares on its listing of eight new funds with asset manager Blackrock.