Warehouse Group has entered into an unconditional contract to sell its Newmarket property in Auckland for $65 million and said the proceeds will be used to reduce debt. Settlement of the property sale is expected to be completed in July 2017 and the sale proceeds of $65m will generate a pre-tax gain of approximately $12m, the Auckland-based company said in a release to the stock exchange. Further details will be provided when it announces its full-year result on September 22. The site will continue to be leased and operated by Warehouse until it is to be vacated in October 2018. The shares last traded at $2.22 and have dropped 22 per cent so far this year.

Source: New Zealand Herald April 17, 2017 22:30 UTC