Stride sells three Bunnings stores to Investore for $78.5 mln

Mon, 13 Nov 2017

By Paul McBeth Nov. 13 (BusinessDesk) - Stride Property Group has sold three Bunnings stores to Investore Property, the unit it carved out as a standalone property owner, for $78.5 million after renegotiating the terms of the leases. Auckland-based Investore, which is still managed by Stride, will buy the three Bunnings stores in Rotorua, Hamilton and Palmerston North at an initial annual yield of 6.13 percent, with a 2.5 percent annual uplift fixed into future rent. That sale price is a premium to the $51.1 million value attached to the...

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