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.

(BusinessDesk)

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
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:

Cashed-up Plexure eyes acquisitions to accelerate growth as loss shrinks
Tower turns to 1H profit, lifts FY guidance
IRD should have doubled claim against Watson's Cullen Group - Professor
Investore FY profit falls 16% on smaller valuation gain, signals flat dividend for 2020
Synlait receives cease and desist letter regarding Pokeno plant
21st May 2019 Morning Report
NZ dollar steady ahead of central bank speeches
Auditors need to come out of the shadows and explain the value they add: FMA
MARKET CLOSE: NZ shares gain as Liberal win in Australia boosts bank stocks
NZ dollar rises against Aussie, Chinese yuan

IRG See IRG research reports