Investore sells Christchurch supermarket to fund Bunnings purchase

Friday 2nd March 2018

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)

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:

MARKET CLOSE: NZ shares dip as global trade jitters weigh on A2, F&P
NZ dollar set for weekly gain after Reserve Bank surprise
Burger Fuel exploring sale after review questions listing merits
New net migration data to remain rubbery for quite some time
NZX to push sales this year after reshaping business dents 2018 profit
Slowing new orders growth weighs on January PMI
New NZ dry dock a basis for new industry - KiwiRail
Wellington Drive beats 2H sales forecast, will meet earnings guidance
NZIQS decides more training is the answer to past president's misconduct
February 15th Morning Report