SINGAPORE (Sept 14): Global Yellow Pages announced Thursday that an indirect wholly-owned subsidiary, Bellfield Estate, has entered into a conditional agreement to acquire a plot of land in Papakura, New Zealand, for NZ$38.0 million ($37.3 million).

The plot of freehold land, which spans approximately 21.8521 hectares, is currently vacant with no activity.

The group says it intends to develop the land and subdivide it for sale. In addition, it is exploring the development of part of the land into residential houses and commercial units.

Source: GYP

In a filing to SGX, GYP says the proposed acquisition is part of its strategy to further develop its core property business by increasing its development pipeline and building up its property portfolio. The group in November 2016 completed the acquisition of a plot of freehold land in Queenstown, New Zealand.

GYP says the proposed acquisition will be financed via a combination if internal cash and external sources of funding.

It adds that it intends to convene an extraordinary general meeting to seek shareholders’ approval for the proposed acquisition.

The story, written by Stanislaus Jude Chan, first appeared in The Edge Singapore.