Acquisition, Divestment and Dividend Guidance Update

IMMEDIATE – 6 August 2021

Investore Property Limited
Acquisition, Divestment and Dividend Guidance Update
Investore Property Limited (Investore) is pleased to provide an update to the market on:
• Acquisition of property at 4 Carr Road, Mt Roskill, Auckland
• Divestment of property at 35 MacLaggan Street, Dunedin
• Dividend Guidance and Distribution Policy Update
Acquisition of Property at 4 Carr Road, Mt Roskill, Auckland
Investore is pleased to announce it has entered into an unconditional agreement to purchase an existing
large format retail property at 4 Carr Road, Mt Roskill, Auckland for $36 million.
The property is a 1.1 hectare, high profile, fully occupied site anchored by Rebel Sport and Briscoes with
two other retail tenancies. It is located immediately adjacent to Investore’s existing property on Carr Road
which is occupied by Bunnings Warehouse, and takes Investore’s aggregate land holding at Carr Road to
3.85 hectares. The property was extensively redeveloped in 2019 and comprises 5,332 sqm of net lettable
area with a weighted average lease term of 10 years as at the date of settlement. The initial passing yield on
acquisition is 4.0% and settlement is expected to occur in August 2021.
Fund Manager, Fabio Pagano, commented “We are very pleased to announce this acquisition of a
strategically located and high-quality large format retail property in Auckland. This property is an excellent
addition to Investore’s portfolio and supports Investore’s strategy of targeted growth.”
Divestment of Dunedin Property
Further to the announcement to the market on 15 June 2021, Investore confirms that the sale of the
property at 35 MacLaggan Street, Dunedin, settled on 2 August 2021.
Dividend Guidance and Distribution Policy Update
The Board is pleased to announce an increase in dividend guidance for FY22 and now expect to pay an
annual cash dividend of 7.90 cents per share, assuming no further deterioration in economic conditions due
to COVID-19. This represents an increase of 3.9% on the previous guidance announced on 18 May 2021 of
7.60 cents per share. The Board has also amended Investore’s Distribution Policy to a payout ratio of
between 90% and 100% of distributable profit (note 1). The Distribution Policy was previously to pay out
between 95% and 100% of distributable profit.
Investore Board Chair, Mike Allen, commented “The Board is very pleased to announce this strategic
acquisition and the increase in dividend guidance for FY22, which continues to validate our growth strategy
which is intended to deliver improved returns for our shareholders. Along with our increased dividend
guidance, the change in Distribution Policy will enable greater flexibility of dividend outcomes in the
future”.
Notes:
1. Distributable profit is a non-GAAP measure and consists of profit/(loss) before income tax, adjusted for
determined non-recurring and/or non-cash items (including non-recurring adjustments for incentives payable
to anchor tenants for lease extensions) and current tax.
Ends
For further information please contact:
Mike Allen, Chairman, Investore Property Limited

25137519
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Mobile: 021 606 134 - Email: mike.allen@investoreproperty.co.nz

Philip Littlewood, Chief Executive Officer, Stride Investment Management Limited as manager of Investore
Mobile: 021 230 3026 - Email: philip.littlewood@strideproperty.co.nz

Fabio Pagano, Fund Manager, Stride Investment Management Limited as manager of Investore
Mobile: 027 406 6079 - Email: fabio.pagano@strideproperty.co.nz

Jennifer Whooley, Chief Financial Officer, Stride Investment Management Limited as manager of Investore
Mobile: 021 536 406 - Email: jennifer.whooley@strideproperty.co.nz

Louise Hill, General Manager Corporate Services, Stride Investment Management Limited as manager of Investore
Mobile: 0275 580 033- Email: louise.hill@strideproperty.co.nz