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

 


Sale of remaining 50% interest in 205 Queen St

6 May 2014

Sale of remaining 50% interest in 205 Queen St

Kiwi Income Property Trust advises that Auckland City Holdings Limited (ACHL) has exercised its right to purchase the Trust’s remaining 50% interest in its Auckland office complex at 205 Queen Street for a purchase price of $56.3 million, in line with the asset’s 31 March 2014 independent valuation. Settlement is due to occur on 3 June 2014.

In October 2013, the Trust entered into a sale and purchase agreement with ACHL under which ACHL acquired its initial 50% interest in the building for $47.5 million. That sale settled on 31 January 2014. As part of this agreement, ACHL was required to acquire the remaining 50% interest in the building on or before 31 March 2017.

About Kiwi Income Property Trust
Kiwi Income Property Trust’s objective is to optimise returns for its Unit Holders through the careful acquisition, development and professional management of its property portfolio. The Trust is listed on the New Zealand Stock Exchange and is ranked within the top 15 on the NZX 50 Index, and is a member of the NZX 15 Index.

The total value of the Trust’s property portfolio is $2.1 billion. Assets include:

Key retail assets
Sylvia Park Shopping Centre: Auckland
LynnMall Shopping Centre: Auckland
Centre Place Shopping Centre: Hamilton
The Plaza Shopping Centre: Palmerston North
North City Shopping Centre: Porirua
Northlands Shopping Centre: Christchurch

Key office assets
Vero Centre: Auckland
ASB North Wharf: Auckland
205 Queen (50%): Auckland
The Majestic Centre: Wellington
Unisys House: Wellington
44 The Terrace: Wellington

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news