Provincia I - Resilient Through Every Cycle. Delivering Since 2017.

Provincia I (Provincia Property Fund Ltd) was formed in 2017 to invest in value-add industrial property. The fund now has 14 properties valued at $112m and 161 shareholders.

We invest in quality mid-sized ($5-10 million) industrial properties located in growth areas that have stable economics, with some of the lowest vacancy rates in New Zealand. It also pays to remember that even during economic downturns, commercial spaces such as shops and offices may close or cut back, however, our country will always rely on factories and warehouses, so it makes sense that industrial property investment is one of the most sound investments you can make. The quality of our properties, benefits of our open-ended PIE fund, and an average Total Return* of 12.2 cps over the previous 7 years, demonstrates our success.

* Total Return is the Pre-Tax Cash Return plus the Capital Return.

Always Paid a Dividend.

Provincia has successfully navigated the last few years, with the covid pandemic, high interest rates and inflation and is now looking forward to improved dividends and growth over the next few years. Since inception, Provincia has always paid a dividend averaging 5.67 cents per share (cps) from 2017 to 2025. The Majority of our tenants are businesses which continue to operate through any economic climate, helping to provide consistent, strong returns.

Equity Raising on Hold.

Provincia is currently on hold for new equity raising to allow expected increased earnings and value to accrue in full to our existing shareholders. Our focus remains to extract maximum value out of the existing portfolio and there is still upside in rent reviews and development opportunities.

“Every rent increase and development project will now directly support improved dividends and share value to existing shareholders” says Michael Webster, Chair.

“We’re not chasing growth for growth’s sake,” says Carl Burling, CEO. “However, in the future new equity raising may be considered if they are supported by our capital providers and demonstrate overall improved returns.”