Turners buys industrial land in Wiri, South Auckland for $4.8 mln

Wednesday 3rd August 2016

Turners, the financial services firm, has bought a one-hectare industrial site in Wiri for $4.8 million to extend its footprint in South Auckland.

The acquisition lets the company expand its truck and machinery business, Turners said in a statement without giving further details.The property is on the corner of Roscommon Road and Vogler Drive and Turners said it was a highly visible corner site with easy access to motorways and arterial roads.

"Acquisitions of strategic property sites are becoming an increasingly important part of the growth strategy for Turners to allow for further footprint expansion as the business grows, and to achieve stronger control over property overheads," Turners said. "As part of this strategy, Turners have previously purchased properties in South Auckland and Christchurch."

Turners became the name for the group after Dorchester Pacific acquired Turners Auctions in 2014 to complement its largely automotive loan book and insurance business. It survived the collapse of many finance companies in the wake of the global financial crisis. Since then, it has been on a buying spree, adding Levin-based lender Oxford Finance, Greenwich Life Insurance and Christchurch-based Southern Finance.

In July, Turners bought Auckland used car importer and dealer network Buy Right Cars for $15.3 million, adding eight dealer sites across Auckland and a workshop in Manukau.

The shares were unchanged at $3.06, and have gained 2 percent this year.

BusinessDesk.co.nz

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