Investore shareholders query elderly Countdown supermarket purchase

Thu, 16 Jan 2020

Investore Property shareholders were reassured an ageing Countdown supermarket in Auckland’s Mount Wellington was a good addition to its $750.6 million portfolio at a vote on its acquisition today. The supermarket is located in one of three properties the listed company has sought permission to buy from its property manager and 20 percent shareholder, Stride Property, in a $140.75 million deal.Independent valuer Northington Partners has estimated the transaction will increase Investore’s FY2021 distributable profit by approximately $2.8 mi...

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