Investore investors overwhelmingly back purchase of Bunnings stores from manager

Thu, 08 Feb 2018

By Paul McBeth Feb. 8 (BusinessDesk) - Investore Property shareholders have backed a proposal to buy three Bunnings retail sites from manager Stride Property Group for $78.5 million. The acquisition needed shareholder approval because of the related party nature, and a resolution was passed with 99.9 percent support at a special meeting in Auckland today. The purchase price was at a 1.3 percent discount to the book value of the properties and independent adviser Northington Partners found the transaction was fair and reasonable to shareh...

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