City Realties Aust, plan

Press, 14 April 1984, Page 22

City Realties Aust, plan

City Realties, Ltd’s, expansion into Australia is closer to becoming a reality, says the chairman, Mr S. J. Cushing, in an interim report to shareholders. Subject to the appro. cf the Australian Foreign Investment Review Board, City Realties has entered a joint equal venture with Ariadne Australia, Ltd, to acquire an Australian company. The Australian company’s sole asset is a large industrial property in central Sydney, which is leased long-term to a substantial company, he says. Because the purchase is self-financing it will

not require funding from New Zealand, and will not drain City Realties’ resources. The company expects further expansion and steady growth in its Australian activities. The increased demand for sections from the Christchurch subsidiary, Suburban Estates, Ltd, has continued in the first half of the new financial year. “Sales to date already equal all the sales achieved last year,” Mr Cushing says. Additional land has been bought to ensure the continuity of supply in quality sections and further holdings are being investigated.