Princes Wharf purchase settled

Tuesday, 10 April 2001, 4:51 pm
Press Release: St Laurence Group

FROM ST LAURENCE GROUP

For immediate release

Princes Wharf Property Fund Ltd and Co, the special partnership formed by St Laurence to buy the commercial leases on Auckland’s Princes Wharf from David Henderson for $46.6 million, settled the purchase last Thursday.

The bond issue was fully subscribed with $8 million being raised from investors. The special partnership (equity) investment reached its minimum subscription level with underwriters taking up the balance.

This is the fourth successful Princes Wharf investment project St Laurence has worked on. They have raised nearly $70 million from investors since January 1999. The $200 million-plus development has transformed the wharf from a series of rundown storage sheds into a premium entertainment and accommodation centre.

“Princes Wharf has proven to be a very attractive investment opportunity for all those investors who either funded the hotel and car parks or the commercial property,” says St Laurence managing director Kevin Podmore.

“The recent fall in bank interest rates has also resulted in our increasing profit expectations for the coming year. This, together with the recent signing of a new lease by USA-based eContractCentre Limited, a company specialising in providing air pollution control systems internationally, has meant a very positive start to the partnership. eContactCenter is taking over the premises recently vacated by European Car Rentals.”

-ends-

For more information, please contact Kevin Podmore, (04) 499-3219

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