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Kermadec agrees to sell North Shore cinema complex

Wednesday 9th December 2009

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Kermadec Property Fund announced the sale of its Berkeley Cinema & Retail Complex in Takapuna for $7 million. 

The sale price amounts to 95% of the property’s book value of $7.4 million, the company said in a statement. The sale settles on June 30 next year.

Proceeds of the sale will help reduce the investment group’s net gearing to about 34%, it said. Separately, Kermadec said it has settled the sale of its properties at Cook Street and Nelson Street for $7.68 million.

Kermadec said it plans to maintain annual cash distributions to shareholders of 5 cents per share. The stock last traded on December 7 at 52 cents and has climbed 24% in the past six months.

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