Urbus buys Palmerston North property

The property was purchased off-market for $3.425m representing a yield of 9.2%.

The current lease with Briscoe expires on August 31, 2008. The property adjoins the Rebel Sports store which Urbus already owned.

After this transaction the mix of properties owned by Urbus as part of its $431m portfolio will be: retail 43%; industrial 36%; and office 21%.

Urbus now has 70% of its properties (by value) located in the Auckland region. Shares in the company were down 2c at $1.05 this afternoon, having ranged between 87c and $1.08 over the past 12 months

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