Investore Property (NZE:IPL) entered into an unconditional agreement to acquire retailer Bunnings' seven-year leased property in Auckland for NZ$43 million, according to a Friday filing with the New Zealand bourse.

Following the acquisition, the company's exposure to the Auckland market will rise to 40% from 38% and tenant concentration to Bunnings will increase to 20% from 17%.

The acquisition is expected to settle on July 4, the filing said.

Australian Securities Exchange-listed Wesfarmers (ASX:WES) owns Bunnings.