New Zealand's Arvida Group loses most in 8 months post $119 mln acquisition

Arvida

25/06/2019 23:43

** Shares of Arvida Group Ltd  ARV.NZ  fall as much as 4.4%
to NZ$1.32, their biggest intraday pct loss since Oct. 25, 2018 
    ** The retirement home operator on Tuesday said it entered
into agreements to purchase Bethlehem Country Club, Bethlehem
Shores and Queenstown Country Club for about NZ$180 mln ($119.09
mln)  urn:newsml:reuters.com:*:nFWN23V0IJ
    ** Co says the acquisition adds 326 independent living units
to Arvida's existing portfolio of 3,677 units and beds
    ** Arvida estimates the acquisitions would add NZ$15.8 mln
of underlying profit in FY20 and NZ$19.4 mln of underlying
profit in FY21 
    ** Stock, which was on trading halt on Tuesday, hits its
lowest since June 17 
    ** More than 3.8 mln shares change hands, compared with the
30-day average volume of about 323,000  
    ** Stock top pct loser on the benchmark S&P ASX 200  .AXJO 
index
    ** As of last close, stock has risen about 7% this year

($1 = 1.5115 New Zealand dollars)

 ((Reuters Messaging:
abyjose.koilparambil.thomsonreuters.com@reuters.net))