Investore Property Limited (Investore) is a commercial property ownership business that has been established to invest in quality Large Format Retail property assets.
Investore was established in October 2015 in connection with the acquisition of 19 Countdown supermarkets from Antipodean Supermarkets Limited and Antipodean Properties Limited.
The transfer of six properties from Stride Property Limited (Stride) and Stride Holdings Limited to Investore took place between 29 April and 9 June 2016 by way of sale and purchase agreements for cash consideration equal to the most recently obtained independent valuation of the properties transferred (in each case, 31 March 2016).
In June 2016, Investore entered into a sale and purchase agreement to acquire 14 Countdown supermarkets from Shopping Centres Australasia Property Group Trustee NZ Limited (the SCA Acquisition). Settlement of six properties occurred on 12 July 2016, with the other eight properties expected to settle in September 2016.
Investore's investment strategy is focused on Large Format Retail property assets. Large Format Retail means a single-storey or low level property comprising retail shops and outlets and car parking areas with more than 50% of the property generally occupied by, and more than 50% of the rental generally provided by, a single major tenant or a limited number of major tenants under net leases. Investore believes that Large Format Retail assets have a specific, differentiating set of attributes that can provide a reliable income return to shareholders. These attributes include:
Investore is managed by Stride Investment Management Limited (SIML) under the terms of a management agreement. SIML is also the manager of Stride and an Australian wholesale fund, Diversified NZ Property Fund Limited, which is in the process of restructuring to become Diversified NZ Property Trust.
Investore is a Listed Portfolio Investment Entity (PIE). Shares in Investore began trading on the NZX Main Board on 12 July 2016.
Following the completion of the SCA Acquisition in September 2016, Investore will own a portfolio of 39 properties with an independent valuation of $641.4 million as at 31 March 2016, primarily located in the main urban areas throughout New Zealand.
Other useful information about Investore is available on the Company’s Register Entry – search for 'Investore' or the offer number OFR10625