Investore Property Limited (NZX: IPL) Divestment of Dunedin Property

Investore Property Limited is pleased to announce it has entered into an unconditional agreement to sell the property at 35 MacLaggan Street, Dunedin, for $10.2 million. Settlement of the sale is expected to occur on 31 August 2021.

This property is currently tenanted by The Warehouse Group, with the current lease expiring on 31 July 2021. The Warehouse Group has given notice that it does not intend to renew the lease, and accordingly Investore has been exploring options for this property.

The purchase price represents an 8.5% premium to the book value of the property as at 31 March 2021.

Please see the link below for details

Investore Property Limited - Divestment of Dunedin Property - 150621.pdf

Source: Investore Property Limited

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