Kermadec agrees to sell cinema complex for $7M

Kermadec agrees to sell North Shore cinema complex for $7M

Dec. 9 (BusinessWire) - Kermadec Property Fund Ltd. announced the sale of its Berkeley Cinema & Retail Complex in Takapuna for $7 million.

The sale price amounts to 95% of the property’s book value of $7.4 million, the company said in a statement. The sale settles on June 30 next year.

Proceeds of the sale will help reduce the investment group’s net gearing to about 34%, it said. Separately, Kermadec said it has settled the sale of its properties at Cook Street and Nelson Street for $7.68 million.

Kermadec said it plans to maintain annual cash distributions to shareholders of 5 cents per share. The stock last traded on Dec. 7 at 52 cents and has climbed 24% in the past six months.

(BusinessWire)

© Scoop Media