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Investore Property Limited (NZX: IPL) Acquisition, Divestment and Dividend Guidance Update

Friday 6th August 2021

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Investore Property Limited is pleased to provide an update to the market on:

Acquisition of Property at 4 Carr Road, Mt Roskill, Auckland

Investore is pleased to announce it has entered into an unconditional agreement to purchase an existing large format retail property at 4 Carr Road, Mt Roskill, Auckland for $36 million.

Divestment of Dunedin Property

Further to the announcement to the market on 15 June 2021, Investore confirms that the sale of the property at 35 MacLaggan Street, Dunedin, settled on 2 August 2021.

Dividend Guidance and Distribution Policy Update

The Board is pleased to announce an increase in dividend guidance for FY22 and now expect to pay an annual cash dividend of 7.90 cents per share, assuming no further deterioration in economic conditions due to COVID-19. This represents an increase of 3.9% on the previous guidance announced on 18 May 2021 of 7.60 cents per share. The Board has also amended Investore’s Distribution Policy to a payout ratio of between 90% and 100% of distributable profit. The Distribution Policy was previously to pay out between 95% and 100% of distributable profit.

Investore Board Chair, Mike Allen, commented “The Board is very pleased to announce this strategic acquisition and the increase in dividend guidance for FY22, which continues to validate our growth strategy which is intended to deliver improved returns for our shareholders. Along with our increased dividend guidance, the change in Distribution Policy will enable greater flexibility of dividend outcomes in the future”.

Please see the link below for details

Acquisition, Divestment and Dividend Guidance Update

Source: Investore Property Limited

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