Commercial Property Newsletter - September 2017 Our commercial property experts; (front row) Stephen Brent, Janine Ballinger, Emma Turner, Ann Maria Buckley, Emily Nind and Lauren Jerard. (back row) Mike Parker, David Fitchett, Elliot Scott, Jeroen Vink and Tim Stevens. New fire levies: A hot topic! Written by Mike Parker - Partner (Property) The Fire and Emergency New Zealand Act 2017 (the Act), which came into force earlier this year, has the potential to have significant financial implications for commercial property owners, and their tenants. The Act replaces the Fire Services Act 1975 and the Forrest & Rural Fire Act 1975. It has been designed to ensure NZ has a modern, fit for purpose, and well funded fire service that addresses long standing issues such as under funding of rural fire. The Act established Fire and Emergency New Zealand (FENZ) on 1 July 2017, bringing together around 40 urban and rural fire fighting services to deliver one comprehensive national emergency service. However, under new funding structures proposed in the Act, the commercial property sector looks set to contribute more than its share of FENZ’s funding requirements. A Brilliant Public Capital Raise – The Hub Hornby Shopping Mall Written by Jeroen Vink - Associate (Property) Raising capital from existing investors and the public can be challenging, particularly when you are facing the numerous requirements of the Financial Markets Authority (FMA) and related financial markets legislation. However, when done properly, the result can be massively successful for all involved. Cavell Leitch recently advised Shopping Centre Investments Limited (SCIL) with their public capital raise. SCIL owns ‘The Hub’ shopping mall in Hornby. The result was phenomenal with SCIL raising their target of nearly $14 million in less than 3 weeks on the market. This was achieved through great insight, planning and performance from the directors and their advisors. SCIL engaged us early on in the project and this ensured that we could properly advise and guide their decisions from the outset. Early advisor involvement is necessary for a well-organized and successful capital raise. This means engaging legal and financial professionals to advise on the regulatory requirements, market factors and the different financial products you might offer. Our legal work for SCIL involved:
The feedback we received on our documents was extremely positive with most commenting that our documents were clear, concise and very easy to read/understand. Meet two members of our commercial property team:
David Fitchett - Partner David specialises in property law, and acts for a broad range of commercial, residential and industrial clients. His particular area of expertise is in the area of commercial leasing where he acts for international, national and local landlords and tenants. Janine Ballinger - Partner Janine specialises in property law, particularly in the residential sector. For more than 12 years she has been advising clients in relation to their residential, commercial and rural property projects - including advice relating to real estate law, ownership structures, trusts, body corporates and subdivisions. |