Investore sells Countdown supermarket

Wellington: Investore Property has sold its Countdown supermarket in Hornby, Christchurch for $21.5 million to help fund its recent acquisition of three Bunnings stores.

Settlement is due on March 23, and the deal represents an initial yield of 6.26% and a 10.8% premium to the value of the property as at September 30, the company says.

It said the sale was part of the divestment programme announced last year, so it could buy three Bunnings stores from Stride Property for $78.5 million. — BusinessDesk