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

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)

Father's Day SOON! Crazy Deals on ALL IRG Yearbooks - More than 50% OFF - $19.99 for 44th IRG Yearbook 2018-2019

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.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

NZ dollar rises after Orr talks up the economy
Comvita posts $27.7m net loss on goodwill write-downs
Buyers emerge for Denton Morrell client book
WEL reviewing capital structure of fibre business
Cavalier announces strategic collaboration with NZ Merino Company
Delegat continues to invest after record year
Kiwibank's annual profit eases as fee income drops
TIL lifts operating earnings, watching for slowdown
Vector profit slides 44% on struggling HRV writedown
Steel & Tube returns to the black but says margins are squeezed