St Laurence sells Wellington building

Friday 1st May 2009

St Laurence Property & Finance sold Eagle Technology House in Wellington for $23 million helping raise funds as it repays debenture stock.

The property investor repaid $7.3 million of debentures due April 29, executive chairman Kevin Podmore said. The group was “pleased with the price achieved in the current market” for the 11 floor building in Wellington’s Victoria Street, he said.

St Laurence said the combined value of its investment and development/joint venture property portfolio fell about 13% in the 12 months through March. The investment portfolio declined by 10.2% while the development portfolio climbed 18.5%, it said.

St Laurence won appproval from debenture and note holders in December for its recapitalization plan, under which Podmore put up some of his own assets and the company agreed to a moratorium, with quarterly payments of capital.

Businesswire.co.nz

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