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NZ Herald
5 days ago
- Business
- NZ Herald
Auckland supermarkets and liquor stores under fire for selling ‘mega strong' beers
Secretary Grant Hewison said the beers essentially represent a loophole, with RTDs being limited to 6% ABV and no more than two standards per beverage. 'We would describe these products as court cases in a can, especially when they reach past 12%.' He said with these beers, essentially one can leave you intoxicated and unable to drive. Hewison said they're more problematic than other high alcohol products like wine or soju as they're carbonated, so they're consumed quickly. He said the products are sold in single 500ml cans for as cheap as $6, which can be easily stowed in a pocket. Maori Warden Thomas Henry says the super strong beers are part of the public drinking problem in South Auckland Photo / Jason Oxenham Auckland District Māori Wardens chair Thomas Henry said high-alcohol products worsened things for people already struggling with homelessness and mental health issues. He said the beers are part of South Auckland's public drinking problem, creating issues such as an Ōtara playground being removed . Henry said they've been trying to educate liquor stores against selling the beers to vulnerable people. He said it's been frustrating, with owners telling him it's not their job, to tell people what to do. New Zealand supermarkets are taking differing approaches to high-strength beers. Photo / NZME, File Foodstuffs said they work closely with their store owners to ensure alcohol is sold responsibly, including regular staff training and robust ID checks. 'We continue to monitor our range carefully, taking into account legal obligations, customer demand, and community feedback,' a spokesperson said. Woolworths said it removed single cans of more than 7% ABV from all stores after consulting with regulatory agencies and community groups, but continues to sell multi-packs of high-strength beers. Brewers Association Executive Director Dylan Firth is calling for a grounded discussion on the products. Photo/Supplied Brewers Association executive director Dylan Firth said beers over 5% ABV make up only 11% of all sold in New Zealand in the year to March. He said the industry's total volumes of high strength beers has also declined by a third since 2022. Firth said stronger beers are typically specialty or craft offerings intended for moderate consumption. Associate Justice Minister Nicole McKee said she's aware of concerns about high-strength beer. Photo / Mark Mitchell Associate Justice Minister Nicole McKee said she's aware of concerns high-strength beer and the potential harm irresponsible consumption posed. 'I'm continuing to engage with stakeholders and consider how regulation can reduce alcohol-related harm and contribute to the Government's target of 20,000 fewer victims of violent crime by 2030.' Lachlan Rennie is an Auckland-based Multimedia Journalist for Newstalk ZB covering science, defence, technology, community issues and general news.
Yahoo
28-03-2025
- Business
- Yahoo
Apartment sales increase 7% to $7.5B
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. Apartment sales volume rose 7% year over year to $7.5 billion in February, as the market ended a streak of four straight months of high double-digit increases, according to a report that data firm MSCI Real Assets shared with Multifamily Dive. Cap rates rose 20 basis points compared to February 2024, averaging 5.6% for the month. However, MSCI noted that most of that increase can be traced to the first half of 2024. Since July, rates have basically remained flat. Garden apartment cap rates rose 20 bps in February from a year ago to 5.6%, while mid- and high-rise apartment cap rates rose 10 bps to 5.4%. Mid- and high-rise apartment sales increased 32% from a year earlier, while garden transactions were down 7% YOY. MSCI has traditionally pointed to individual asset sales as the best gauge of buyer interest in apartments. Investors buying one property at a time will underwrite each apartment community individually, while portfolio and entity-level sales are sometimes driven by broader portfolio and relative financing changes. If that's true, the apartment sales market may be in a stronger position than overall numbers indicate. Individual asset sales have grown by double digits for five straight months, rising 17% YOY to $6.9 billion in February. However, the portfolio and entity-level sales category fell 45% YOY to $631 million in February, as no large companywide sales closed during the month. However, more deals should close in coming months. New York City-based alternative asset manager Apollo Global Management announced it was buying Bridge Investment Group Holdings in February in an all-stock transaction with an equity value of approximately $1.5 billion, which should boost the numbers when it closes later in the year. Additionally, a number of smaller REITs could potentially be on the market, offering the possibility of more mergers and acquisitions as the year plays out. However, economic uncertainty could stymie the sales market later in the year, according to Thomas Henry, vice president of investments at Memphis, Tennessee-based owner and operator Fogelman Properties. Henry said the post-peak environment should support better rent growth and occupancy gains. On the other hand, uncertainty around macroeconomic events and policy could damage consumer sentiment, which has an outsized impact on the overall economy. 'However, these conditions also create opportunities — sellers are becoming more realistic on pricing, and well-capitalized buyers can take advantage of slightly less competition to secure quality assets below replacement costs,' Henry said. Click here to sign up to receive multifamily and apartment news like this article in your inbox every weekday.
