Company News
Jasper agrees strategic long-term lease with Tegel at Takanini asset
Jasper, the specialist commercial real estate investment and asset manager, has successfully negotiated and executed a new 10-year lease across 6,400 sqm of warehouse space to Tegel at 52 Spartan Road. The lease is the result of the collaborative relationship between Jasper and Tegel, a leading New Zealand brand serving Kiwi customers since 1961. Jasper is proud to partner with a leading food producer that employs over 2,300 New Zealanders.
The site meets Tegel's needs for their flat grain storage and processing operations, with two large warehouses and substantial ancillary yard areas providing storage for 30,000 metric tonnes of raw grain and soybean meal. An underground conveyor belt facilitates the transfer of raw grain to a feed mill, where it is converted into chicken feed.
The site's strategic location, with easy access to SH1, is a critical enabler for the facility. It experiences significant throughput as it processes globally sourced raw materials into chicken feed - turning over stockpiles every three months.
A Heavy Industry Zoned site in the heart of Takanini, 52 Spartan Road sits in Jasper's value-add logistics and industrial fund. Jasper has also achieved resource consent for a future industrial warehouse development on spare land at the front of the site.
Vernon Sequeira, Investment Manager at Jasper, commented, "We were pleased to deliver a strong outcome for both parties. A long-term lease provides Tegel security of tenure, giving them the confidence to continue to invest in the facility. The lease helps Tegel secure its supply chain and leverage operational efficiencies of locating adjacent to its feed mill site. We look forward to an ongoing collaborative relationship with Tegel."
About Jasper: Jasper is a specialist commercial real estate investment and asset manager, representing global institutions and investors throughout New Zealand and Australia. Jasper provides investors access to real estate strategies across Australasia. Since 2019, Jasper has grown its AUM to over $340M and manages an annual rent roll of over $13M.
Vernon Sequeira
Investment Manager
Posted on 1 Aug 2023
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