Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Urbus achieves another milestone

Urbus achieves another milestone

Urbus Properties today announced the sale of its last remaining South Island property at 1 Sir William Pickering Drive, Christchurch, for $2.780 million – $0.130 million above book value.

This is the sixth property in the Urbus portfolio sold this year as part of a programme to re-weight the portfolio towards industrial and retail property, with an emphasis on the North Island – in particular Auckland. The total value of the sales has been $14.156 million, resulting in $1.05 million surplus above March 2002 book values.

Urbus purchased the Christchurch property in November 2000 for $2.45 million and had recently renewed the lease with the existing tenant, Aoraki Corporation, for a further seven years.

This week Urbus also settled the purchase of the property assets of nine Waltus Syndicates worth $157 million, taking the total value of the portfolio to $390 million.

The effect of these transactions on Urbus’ portfolio is to increase the weighting toward industrial property (up to 31% of the portfolio from 19%), at the same time reducing exposure to the office market (down from 42% to 32%). Retail exposure remains fairly constant (dropping only slightly from 39% to 37%).

The portfolio now has an even stronger Auckland bias (up to 55% from 43%), with a corresponding reduction of exposure in Hamilton and the central North Island, as well as withdrawing from the South Island.

These significant portfolio changes will position Urbus strongly as New Zealand’s third largest dividend paying property company behind AMP and Kiwi. In the New Year, as previously stated, the Board intends to apply to the NZSE for a full listing.

Tomorrow, Urbus will pay and interim dividend of 4.50 cps (including imputations) which is in line with its forecast annual dividend of 9 cps (including imputations).

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Federated Farmers: NAIT Levy Increases Must Achieve Accurate, User-friendly System
Nobody welcomes extra costs but if OSPRI is to catch-up on under investment in the NAIT platform and deliver on its workability and farmer support, levy increases are probably necessary, Federated Farmers says... More>>



Westpac: More Job Opportunities, But Growth In Workers’ Earnings Remains Subdued

The Westpac McDermott Miller Employment Confidence Index rose 1.2 points in the December quarter, to a level of 106.9. This was the sixth straight rise in the index since the Covid-19 lockdown in 2020. Michael Gordon, Acting Chief Economist for Westpac, noted that the rise in the index has largely been driven by perceptions... More>>




Statistics: Card Spending Continues To Increase As COVID-19 Restrictions Ease

The busy Christmas period combined with easing COVID-19 restrictions helped to increase card spending in December 2021, Stats NZ said today... More>>

TradeMe: Job Market Ends 2021 On A High With Record Number Of Vacancies
The New Zealand job market finished 2021 on a high note, with the ball still firmly in the job hunters’ court, according to the analysis of 69,600 vacancies listed on Trade Me Jobs for the quarter ending 31 December (Q4)... More>>


Insurance Council of New Zealand: September South Island Windstorm Cost $36.5 M Raises 2021 Extreme Weather Claims Total To $321.6 M

Gale force winds and storms between 9 and 13 September 2021 resulted in insurers supporting communities to the tune of $36.5 m. This is a significant rise, of $16.7 m, on preliminary figures for the event and lifts the end of year total for all extreme weather events in 2021 to $321.6 m... More>>


Statistics: Building Consents Hit New Highs In November
There were a record 48,522 new homes consented in the year ended November 2021, Stats NZ said today. This was up 26 percent compared with the year ended November 2020... More>>