Tuesday 18th May 2021
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Investore Property Limited is pleased to announce its financial results for the twelve months ended 31 March 2021 (FY21).
Investore reports profit after income tax for FY21 of $161.3m, up $132.6m from FY20 ($28.6m), largely attributed to the $139.3m net valuation gain across Investore’s portfolio for the 12 months ended 31 March 2021.
Investore performed strongly during FY21, a year that presented a number of opportunities and challenges for Investore. Investore’s financial position is a testament to the opportunities taken by Investore during FY21, and the company is in an excellent position to continue to pursue its growth strategy.
Investore is also pleased to announce today the acquisition of a parcel of development land at Waimak Junction, Kaiapoi, North Canterbury, which further delivers on Investore’s growth strategy. Investore has agreed a purchase price of $10.5m for this 3.5ha parcel of land and has reached agreement in principle with Woolworths NZ to construct a new Countdown supermarket on part of the land. The remaining 1.6 ha will be held for future development. The total commitment associated with this acquisition is expected to be $31m, including the cost of the land and the expected cost of the stage 1 development. The total yield on cost for stage 1 is expected to be 5.2%.
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