Hub Hornby listed on share market

The Hub Hornby. Photo: File image
The Hub Hornby. Photo: File image
A Christchurch shopping centre valued at $129 million and home to more than 80 businesses, including Farmers and Pak’nSave, has been listed on the Unlisted Securities Exchange.

Shopping Centre Investments Ltd, which owns and operates the Hub Hornby Shopping Centre, listed its shares on the USX on Wednesday.

Shopping Centre Investments chairman, Michael Keyse, said: "Today’s listing is the culmination of a 21-year journey.

"Since our acquisition in 2001, we’ve expanded and modernised the Hub Hornby Shopping Centre in order to become a true regional shopping destination - home to over 80 businesses including anchor tenants, Farmers and Pak N Save.

"We have wanted to do this for some time, but it was very important to us to ensure the Centre’s earthquake strengthening was completed to be 67% or more of the building code first.

"We reached this goal in February following a multimillion-dollar investment by Shopping Centre Investments with the work undertaken by Leighs Construction.

"We are proud to be a market leader with this achievement. Our listing will now give our shareholders a market for their shares.”

The USX is an unlicensed financial product market that provides a way for small to medium sized companies to trade their shares and keep shareholders informed.

National retail director for Colliers, which manages Hub Hornby, Evan Harris said: "With new tenants such as Cotton On Body, Cotton On Kids, and Starbucks coming on board in the last eight months, we’re thrilled to say we have grown to 98 per cent occupancy.

The Hub Hornby. Photo: Martin Hunter
The Hub Hornby. Photo: Martin Hunter
"This is particularly impressive given the additional challenges of Covid-19 and the current economic environment.

"Though interest rates are rising, shopping centres with CPI and Turnover related rents have some insulation to rising cost pressures."

Including revaluations, the profit before tax for the 2022 year was $7.958 million while net operating income grew by $410,000 to $5.9 million.

Quarterly dividends, paid during the year, had a gross payout of 5.25 cents per share. The Hornby centre was valued at $129 million.

 

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