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NZ $100 notes - Source: ONE News
Kermadec Property Fund is selling its Berkeley cinema and retail complex in Takapuna for $7 million - $400,000 below the current book value.
Kermadec said on Wednesday it had entered an unconditional contract to sell the complex, and as the deal was negotiated directly with the buyer, it had not incurred any agency costs.
The sale would lower net gearing to about 34%, while net tangible assets per share would drop by 0.48 cents per share to about 84.5 cents per share, Kermadec said. Under the sale contract, settlement would be June 30, or earlier if the purchaser chose to.
Meanwhile, the sale of properties at 60 Cook At and 143 Nelson St for $7.68 million had now settled.
Kermadec said it expected to maintain its current level of annual cash distributions to shareholders of 5cps.
