Investore plans on buying the Mt Roskill Bunnings Warehouse. Photo: RNZ / Richard Tindiller
Latest - Investore, the big box retail and supermarket property owner, has raised $65 million worth of capital it needs to buy three big retail sites from its manager, Stride.
Investore is raising $80 million to help pay for the $141m deal.
The balance will be raised with an issue to existing shareholders, which opens next week.
The sites are the Bunnings site in Mt Roskill, the Mount Wellington shopping centre in Auckland and the Bay Central Shopping Centre in Tauranga.
Argosy makes strong profits from valuation gains
The property investor's net profit rose 15 percent to $76.9 million for the six months to September, including a revaluation gain of $50.8m.
Argosy's rental income was flat at $51m, which includes rental loss recoveries from insurance on earthquake damaged buildings.
The company says it's focused on greening its portfolio and considering a number of developments to begin over the next 12 months.
Tower returns to profit
Tower Insurance has returned to profit on the back of fewer weather-related claims and higher premium income.
Its net profit in the year to September was $16.6 million, from a loss of $6.7m the year before, which was caused by paying a large reinsurance settlement.
Revenue rose 7 percent to $358.3m, as premium income increased in New Zealand and the Pacific Islands.
The cost of claims fell, including Canterbury earthquake claims, although it still has 109 earthquake claims totalling $46.6m on its books.
Serko posts $900k half year loss
Serko has reported a loss for the first half of the year as it invests in growing the business outside of Australia and New Zealand.
The net loss after tax of $900,000 was down on the previous year's profit of $900,000, but the fall was mostly down to accounting adjustments.
Excluding those adjustments, underlying earnings dipped to $1.4 million from $1.5 million in the first half of 2019.
