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Settlement of 50% interest in 205 Queen Street, Auckland
Settlement of 50% interest in 205 Queen Street, Auckland
Kiwi Income Property Trust advises that it has settled the sale of the first 50% interest in its office complex at 205 Queen Street, Auckland.
As advised to the market on 23 October 2013, the Trust entered into a sale and purchase agreement with Auckland City Holdings Limited, a company associated with Brisbane-based Bloomberg Incorporation Limited, to divest an initial 50% interest in the building for $47.5 million, subject to Overseas Investment Office and ground lessor approvals. Those approvals have since been secured.
As part of the agreement, Auckland City Holdings Limited will also acquire the remaining 50% interest in the building, which is to be sold at the fair value attributed to the property by independent valuation in either March or September of each succeeding year, at the option of the purchaser, with an absolute obligation to purchase by no later than 31 March 2017.
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