Property investment company Gowing Bros (ASX:GOW) plans to spend $30.8 million to buy its fourth shopping centre in NSW's Mid North Coast.
The company has entered an agreement to buy the Palms Shopping Centre in Coffs Harbour, a two-level facility with lessors including a Coles, a Big W and a number of specialty shops.
Gowing Bros said it intends to hang on to the centre as a long-term investment, and will assume management of the facility internally.
The purchase will be funded through a combination of current reserves and external borrowings.
Gowing Bros also owns shopping centres in Port Macquarie, Kempsey and Mooney Beach.
Last month, the company reported it had ended the year ending in July with net tangible assets of $3.04 per share after tax.
The company reported a total return of 4%, or $0.125.
GOW shares fell 5.22% on Wednesday to $2.180.
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