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.
15 November 2017: Stride revives plan to sell 3 Bunnings store to Investore amid other capital management initiatives
Attribution: Stride & Investore releases.