Sharechat Logo

Kiwi Property to sell Wellington's Majestic Centre for $123.2M to Investec

Tuesday 14th November 2017

Text too small?

Kiwi Property Group, which manages a $3 billion portfolio of shopping centres and office buildings, is selling its Majestic Centre office tower in Wellington to Investec Australia Property Fund for $123.2 million.

Auckland-based Kiwi Property has invested in earthquake strengthening the tower, in what it says was one of New Zealand's largest seismic upgrade projects, and will use the funds from the sale to pay down bank debt, giving it further flexibility as part of its strategy to fund new developments including expansion of its Sylvia Park, New Lynn and Westgate sites in Auckland. 

The purchase is the first in New Zealand for Investec, which is listed on the Johannesburg Stock Exchange with the aim of providing South African investors with direct access to the Australian commercial property market and is in line with its strategy of investing in well-located, high-quality assets. It takes the Fund’s total portfolio value to about A$910 million.

Kiwi Property said the sale is due to settle next month and it will manage the Majestic Centre for Investec. 

Shares in Kiwi Property last traded at $1.32 and have dropped 5.7 percent the past year. 

(BusinessDesk)



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar eases on increasing US-China doubts, lack of news in Fed minutes
From dog tucker to top dog: economists ask how Northport can be Auckland’s best replacement
MARKET CLOSE: NZ shares rise; Metlife jumps on takeover talk
NZ dollar eases on technical factors, buoyed by higher dairy prices
RBNZ eyes Westpac Australia money laundering failures
Heritage buys Golden Healthcare; not mystery Metlife suitor
Alliance margins improve as swine fever boosts global meat prices
RBNZ eyes Westpac Australia money laundering failures
Precinct eyes new developments as Commercial Bay keeps to revised schedule
End to Tower's three year dividend drought in sight

IRG See IRG research reports