Brief: Arvida Group to acquire three villages for NZ$66 mln

Arvida

19/09/2016 21:30

Sept 20 (Reuters) - Arvida Group Limited  ARV.NZ  
    * Arvida to acquire three villages for $66 million 
    * Acquisition immediately accretive to underlying earnings 
with 6% lift in proforma FY17 EPS 
    * Entered into agreements to purchase Bethlehem Views and 
Copper Crest village estate in Tauranga and Lauriston park in 
Cambridge 
    * Additional $4.4 million of underlying profit is 
anticipated from acquisitions on a pro forma FY17 basis 
    * Acquisition will be partly funded by an underwritten $42 
million rights issue at $1.05 
    * Further earnings growth is expected beyond FY17 from care 
suite conversions at Bethlehem Views 
    * Villages being acquired have a combined CBRE valuation of 
$68.4 million and increase number of Arvida villages to 25 
    * All figures in NZ$ 
 
Source text for Eikon:  ID:nNZW8LJkDZ  
Further company coverage:  ARV.NZ  
 
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