Telephone directories publisher Global Yellow Pages (GYP) on Thursday said its unit entered into an agreement for purchase of a plot of land in Papakura, New Zealand for S$37.3 million.
Bellfield Estate Ltd (BEL), an indirect wholly-owned subsidiary of the company, will buy property from Motleon Ltd, making it group's third purchase of real estate in New Zealand, it said in a statement.
The property is a plot of freehold land of approximately 21.8521 hectares located at Bellfield Road, Papakura, New Zealand.
The proposed acquisition is part of the company's strategy to further develop its core property business by increasing its development pipeline and building up its property portfolio, the company said.
Last month, Global Yellow Pages said it would cease the print directories from 2018 and restructure the digital business to focus on real estate.
GYP, which diversified into the real estate business in recent years, has invested in properties such as Pakuranga Plaza shopping mall and residential project Remarkables Residences in New Zealand.
GYP intends to finance the acquisition using a combination of internal cash and external sources of funding.
Shares in Global Yellow Pages ended down 4 percent at S$0.152 on the Singapore Exchange. The stock has lost 6 percent so far this year.