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Seeka acquires a new head office site

Seeka acquires a new head office site on land currently occupied by Kiwi360

Te Puke, December 18 - Seeka Kiwifruit Industries Ltd [NZX:SEK] has announced a series of property transactions.

These include the acquisition of land currently leased by Te Puke kiwifruit tour operator Kiwi360, which will be used as the site of Seeka’s new corporate head office, and the sale and sublease of properties no longer meeting the company’s requirements.

Seeka has confirmed the purchase of a 7.44 hectare property and a 5.44 hectare kiwifruit orchard adjacent to the property, with the purchase to be completed on 20 January 2016. The 7.44 hectare property is leased to Green Circle Limited, the Kiwi360 business operator, who will stay on site until 20 April, 2016.

The 5.44 hectare orchard is directly across the road from Seeka’s Transpack Packhouse in Young Road, Maketu corner, and is adjacent to its Transcool coolstore, and KKP Packhouse.
The company advises that it has also reached an unconditional agreement to sell its New World building in Te Puke, across the road from its current head office. This property will settle in February 2016 and was sold at its 2015 purchase price. The company had originally intended to relocate its head office to the New World building.

Seeka Chief Executive Michael Franks said he was delighted with the purchase. The properties were offered to Seeka on the basis of a friendly deal that suited the Kiwi360 business, which intended to relocate, and an owner that was looking to sell.
A deal had been struck that allowed Kiwi360 to continue with its own relocation plan, and importantly would enable it to meet its cruise ship commitments in the current year.

Mr Franks said Seeka planned to relocate its head office to the Kiwi360 site in the middle of 2016. Local Te Puke Architects Page Henderson have been commissioned to help with planning the conversion from tourism operation to Seeka’s kiwifruit headquarters.
“Seeka’s commitment to the area remains strong and the linkage between the site and kiwifruit has been preserved,” said Mr Franks “The deal is a good one for everyone concerned.”

Seeka has also sublet two vacant properties in Totara Street, Mount Maunganui. These properties, which are adjacent to its Huka Pack sites, were on long term leases as part of Seeka’s purchase of Huka Pack in 2010 from Te Awanui Huka Pack. From 2016, they have been subleased for 14 years to an independent third party. The annual sublease value will fully offset Seeka’s head lease cost.

ENDS

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