Investore has announced the divestment of two non-core, regionally located properties and the acquisition of Bunnings Westgate in Auckland.
The properties in New Plymouth and Invercargill were sold for a combined gross sales price of $54.3 million, while the purchase price for Bunnings Westgate is $51m.
The acquisition of Bunnings Westgate, which is a fully occupied site leased to Bunnings, is expected to settle in December 2024.
Investore said the deal is in line with its targeted growth strategy, as Westgate is seen as an attractive location for investment due to the forecast rapid population growth in the area.
Following these transactions, the company's portfolio weighting in the Auckland market will increase to 42.5% by value, while the regional weighting will decrease correspondingly.
The divestment of the New Plymouth property is set to occur by late January 2025, pending the completion of seismic upgrade works.
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