R. Jones in $3M property deals

Press, 28 June 1983, Page 31

R. Jones in $3M property deals

Robt Jones Investments, Ltd, has bought nine buildings in various parts of New Zealand for $3,230,000. They take the total cost of New Zealand acquisitions contracted since flotation in September, 1982 to $14,340,500. The company has so far bought 17 buildings in New Zealand. A large Christchurch office building, a Terrace, Wellington office building, a centre-city Wellington office/warehouse building, three Lower Hutt city prime location retail buildings, two Hamilton prime site retail and office buildings, an Auckland office building, five Auckland industrial buildings and warehouses in Napier, Rotorua and Whangarei. Payment for the three warehouses, worth $1.9 million will be made by $900,000 cash, a five-year

vendor mortgage at 14 per cent for $500,000 registered against one of the three properties only and the issue of 500,000 Robt Jones shares at a premium. The shares are exempt from dividend for a period of 18 months. Payment for the five Auckland industrial buildings, worth $1 million will be made by $350,000 cash, a $350,000 vendor mortgage and 300,000 Robt Jones shares issued at a premium. The cost of the buildings reflects less than a third of their replacement value. Negotiations are proceeding for more New Zealand acquisitions. The company said that it is maintaining a strong liquidity position for this purpose. The company’s first an-' nuel meeting will be in Wellington on August 1.