Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Princes Wharf purchase settled


FROM ST LAURENCE GROUP

For immediate release

Princes Wharf purchase settled

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


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news