Sharechat Logo

Investore sells Christchurch supermarket to fund Bunnings purchase

Friday 2nd March 2018

Text too small?

Investore Property has sold its Countdown supermarket in Hornby, Christchurch for $21.5 million to help fund its recent acquisition of three Bunnings stores.

Settlement is due on March 23, and the deal represents an initial yield of 6.26 percent and a 10.8 percent premium to the value of the property as at Sept. 30, the company said. 

Investore said the sale was part of the divestment programme announced last year, so it could buy three Bunnings retail sites from manager Stride Property Group for $78.5 million. That proposal was backed by 99.9 percent of shareholders at a special meeting last month, and the transaction settled on Feb. 28. The company also sold its Fresh Choice supermarket in Queenstown for $11.1 million in January.

The shares last traded at $1.37, from $1.36 this time a year ago.


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

MARKET CLOSE: NZ shares gain as Trade Me hits record on takeover
NZ dollar higher against USD as jitters about China-US trade tensions recede
Rakon boosts bank funding to meet increased telco demand
Underfunded Overseer farm management tool needs thorough review: Upton
Motor vehicle lending helps UDC lift annual profit 6%
Orr says RBNZ still under-resourced, funding model part of second phase of review
Leading business brokerage firm LINK raises a further NZ$3.45m in capital
Travel insurance and the AirNZ strike
Industrial heat a challenge for cost-effective emissions reduction
Hallenstein Glasson wary of margin squeeze in second half

IRG See IRG research reports