It seems like the company's operations are limited to NZ. It used to be known as DGL Commercial. The property company forgave $40m of debt to DGL group back in 2021. I believe this relates to employee expenses for joint operations as Rapaki was historically the employer of all personnel within the group. It also leases property to DGL in NZ. DGL actually has more substantial lease payments to a company relates to Robert Sushames' parents. It also bought Fulton Drive from their associated company. Rapaki is not part of the DGL consolidated group and is a related party of SH. It may have been that it was previously part of the consolidated group prior to listing - not sure.
The shands sale is not listed as a related party transaction. I'm unable to check the title records without paying for it. Looking on Google maps, the visibility isn't great but the building seems to have Direct Logistics branding. It's also right next to a much larger facility of Direct Logistics. It's not listed as a related party at least.
As always, I'm not qualified to give any advice, this is just my amateur research. DYOR
Ann: Acquisition of Australian Petro Chemical Storage, page-229
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