New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Thematic (Sector/Industry)

New zealand Real estate / Thematic (Sector/Industry)

<ul><li>Looking at the unlisted property syndicate sector: Property syndicates have become increasingly popular over the last decade as falling interest rates have (1) driven strong commercial property asset returns, and (2) made alternative yield-focussed investment more attractive</li><li>Syndicates could be a source of distress this cycle: Our analysis is based on 24 syndicates where financial information is publicly available</li><li>Prior cycles have resulted in new listed entities: In prior commercial property downcycles onerous debt obligations resulted in the merger and listing of some underperforming syndicates</li></ul>

Looking at the unlisted property syndicate sector: Property syndicates have become increasingly popular over the last decade as falling interest rates have (1) driven strong commercial property asset returns, and (2) made alternative yield-focussed investment more attractiveSyndicates could be a source of distress this cycle: Our analysis is based on 24 syndicates where financial information is publicly availablePrior cycles have resulted in new listed entities: In prior commercial property downcycles onerous debt obligations resulted in the merger and listing of some underperforming syndicates

Property Insights: Syndicates — All in This Together