December 2023 - Bay of Plenty Business News

12 BAY OF PLENTY BUSINESS NEWS December 2023
REGIONAL INVESTING
Collective strength
Left to right: Sam Newbury,
Lyndon Settle, Davide Caloni.
Ki te Kotahi te kākaho, ka whati;
ki te kāpuia, e kore e whati.
If a reed stands alone, it can be broken;
if it is in a group, it cannot.
This whakataukī (Māori proverb) encapsulates
the power of collective strength, a philosophy that
underpins Quayside Holdings way of working as
they look to the future.
As the commercial investment
arm of Bay of
Plenty Regional Council,
Quayside’s primary function
is to deliver sustainable longterm
returns to its shareholder,
through responsible asset management.
It’s a structure, where
Quayside invests on behalf of
the Council, providing an annual
shareholder dividend and retaining
a portion for growth capital.
How it delivers and who’s
behind this small but mighty
machine has largely remained
a mystery in years gone by. But
that is changing.
Key ingredients of a
high-performing team
CEO, Lyndon Settle has brought
a renewed focus on collaborative
working. With a multi-disciplinary
team of specialists in
their field including, investment
managers, chartered accountants,
engineers, lawyers, people
and culture specialists and marketers
- the knowledge and experience
is unyielding. Lyndon’s
ability to influence, motivate
and enable others to collectively
contribute towards a shared
vision and purpose, has been the
catalyst to this inclusive way of
working.
“We support our people to
be curious, creative and think
outside the box. Bold initiatives
live alongside radical candour
in this niche environment. This
takes the form of brave, open and
respectful conversations, where
we strive to listen to understand,
rather than defend. Working in
silos can create bias and limit
our opportunity to see new perspectives
whereas collaboration
fosters innovation, forcing us to
expand our thinking and look to
the periphery, which is crucial
in today’s competitive environment,”
says Lyndon.
Davide Caloni as the General
Manager – Finance for Quayside
Group, is a pivotal member of the
Senior Leadership Team, playing
a multifaceted role heading the
finance and treasury functions
and supporting the execution
of the investment strategies. As
the head of finance and treasury
functions, Davide is at the forefront
of ensuring the Group’s
financial health and statutory
obligations are met and optimised,
managing tax obligations,
project accounting, and providing
specialist advice on investment
and divestment opportunities
across various asset classes.
Davide creates enterprise
value by analysing cash and
debt management practices and
existing assets and investments,
which form the foundation for
accurate forecasting and portfolio
modelling. He also is leading
Quayside’s XRB climate-related
reporting.
Sam Newbury, Senior Investment
Manager, brings a wealth
of experience in corporate
finance and portfolio management
to his six-year tenure at
Quayside. Whilst Sam plays a
key role in setting investment
strategy, deal execution and asset
management, Sam views his role
as more of a project management
function.
Sam notes “In my mind, being
an effective investment advisor
for a portfolio like Quayside’s is
very similar to project management.
Whilst a detailed understanding
of each asset class is
essential, it is almost impossible
to do effectively without input
from a deep bench of both internal
and external experts.”
Sam’s professional skills
encompass a deep understanding
of investment products, corporate
finance, and investments.
His core competencies revolve
around strategic planning,
financial analysis, deal sourcing
and execution, and effective
stakeholder engagement, with a
strong passion for creating value
through sustainable and innovative
businesses that contribute to
both social and environmental
well-being.
Bound by good
intentions
Whether it’s pursuing a new
investment opportunity or managing
an existing asset, the adage
of ‘many hands, make light work’
is true. But ask the team if it’s
seamless and they’ll openly tell
you there’s always room for
improvement. What binds them
is a genuine intent to do right by
the organisation, its shareholder
and the wider community.
Quayside has a wide investment
mandate, across different
asset classes. Deals can originate
through anyone in the wider
team, with the initial review,
research and early screening of
the opportunity being led by the
Investment team.
As they move into the due
diligence stage, it’s about understanding
the risks associated
with the asset. This is undertaken
by both internal and external
technical expertise, including
finance, legal, tax and property,
depending on the asset.
“Having three in-house engineers
is a huge point of difference
and competitive advantage
for Quayside when investing in
real estate-backed assets and
strategies. While it isn’t usual
practice for an investment company
it provides significant value
when looking at opportunities.
We’re privileged to be able to call
on our property team for advice,
especially when reviewing technical
due diligence property
reports,” says Sam.
The execution of Quayside’s
strategy forms the core of
their collaboration. Within the
Finance team this can include
general capital budgeting, forecasting,
valuations and ongoing
asset monitoring. With the legal
team providing another lens and
layer of value.
“Having Suzanne Casey as our
in-house legal counsel is incredibly
valuable, as it allows us to
lean on her for support with both
transactions and asset management.
Having someone of her
expertise and skill sets provides
the whole team with the ability
to access good legal advice and
commercial support in real-time
reducing the need for the business
to rely on costly external
lawyers, likewise with Davide’s
experience, he understands what
best-practice and good fund management
looks like. You also get
a calm and practical approach
from our team, with the ability
to work through problems.” Sam
says.
Partnering for
success
2023 has brought a couple of
major investments to fruition. In
September, Quayside announced
its stake in Tauranga Crossing
Limited, a premier retail
shopping centre situated in the
expanding Tauranga Western
Corridor. The investment provides
consistent and stable distributions
to the portfolio, whilst
growing the asset base.
Shortly followed the
announcement of the joint venture
partnership with Watts &
Hughes and Carrus in the 35
Hamilton Street Commercial
Centre building. Both investments
demonstrate a desire for
large-scale co-investment partners,
where there is alignment
in values and mutually beneficial
skill sets and positive outcomes
that provide intergenerational
prosperity for the Bay of Plenty
region.
Quayside Holdings Limited was
established to hold the Port of
Tauranga shares owned by Bay
of Plenty Regional Council in
1991. 30 years later, Quayside has
evolved to become a diversified
investment manager with several
subsidiaries and total group
assets of $3.3 billion.
Invested in our Future
Mauri Ora Roa
quaysideholdings.co.nz