Investore confirms 3-shop buy from Stride, and signs a sale

Stride Property Ltd said yesterday its sale of 3 Bunnings properties at Hamilton, Rotorua & Palmerston North to Investore Property Ltd for a total $78.5 million was unconditional. It expected settlement to occur on 28 February.

99.9% of Investore shareholders’ votes at yesterday’s meeting to approve the purchase were in favour.

Investore said in November it intended to dispose of 3 properties to buy the 3 Bunnings properties, to provide balance sheet capacity for future activities.

Yesterday, Investore said it had agreed to sell the Fresh Choice supermarket at 64 Gorge Rd, Queenstown, for $11.1 million, representing a 4.8% initial yield based on the most recently reported rental as at 31 March 2017 and a 12% premium to the property’s value of $9.9 million in Investore’s 30 September 2017 accounts. The sale is unconditional and settlement is scheduled for 20 March.

Stride established Investore out of a division of its own business and added a portfolio of Countdown supermarkets to list it in 2016. The forward investment strategy was to continue to acquire large format retail properties, a segment of the market identified as offering unique investment attributes.

Earlier story:
15 November 2017: Stride revives plan to sell 3 Bunnings store to Investore amid other capital management initiatives

Attribution: Stride & Investore releases.

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