23rd July 2009 Printer Friendly Version

 

Hi John,

 

The opportunity is to become a 50% shareholder in MPI International Limited which leases premises to an existing car parking business at Auckland Airport.

• MPI has a 20 + 20 year leasehold interest in the land and is the process of developing new car park facilities to be leased to the tenant.

• A bank loan has been secured to undertake the development which will be completed by September 2009.

 
• The tenant is a long established New Zealand business offering various services in the tourist industry. It already operates a 700 vehicle park n’ fly operation at Auckland Airport.

• The tenant has entered into a 10 year lease with MPI to lease the land and car park facilities so it can expand its existing park n’ fly car parking business.

• The 10 year lease with MPT includes 6% annual rent increases and rights of renewal. The tenant is also responsible for paying the ground rent and has given a bank guarantee covering 12 months lease and ground rent

• The proposal is for an investor to purchase a 50% share in MPI for $100,000. The investor will also be required make a shareholder’s loan to MPI of $400,000 for 5 years returning 12% interest. The loan will be secured over the leasehold property and improvements owned by MPI (and leased to the tenant).

• The intention is to sell the leasehold interest and improvements in 3 to 5 years time.

• Were such a sale to take place at the end of 5 years, the investor would have received 12% on their $400,000 for 5 years, will have been repaid their $400,000 plus - at the estimated value of the leasehold interest and improvements at that time - received another $400,000 from the sale their 50% share. This is a tax paid IRR of 14.5% (22.3% pre-tax equivalent).

 

 

 The following are available on request

• Information Memorandum

• Non Disclosure Agreement and Eligible Person statement

• Development budget

• 5 year financial projections

 

 

The information available is commercially sensitive and confidential. The proposal is open only to "Eligible Persons" as defined in the Securities Act. To see the definition of an eligible person click here.

 

 

For all enquiries contact:

 

JP

John Paine
Global Pacific Corporation Limited
112 Gladstone Road, Parnell,
P O Box 3229, Auckland, New Zealand
Phone 64 9 303 3700, Fax 64 9 303 3031
Mobile 64 21 902 004
Email john.paine@globalpacific.co.nz
Web site www.globalpacific.co.nz

 

 

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