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.
No comments yet
Balanced consenting framework needed for renewables - Meridian
Lumpy imports drive bigger July trade deficit than expected
Freightways' net profit rises despite NZ slowdown
National floats company tax cut, recommits to higher pension age
Metlifecare lifts underlying annual net profit 4%
Chorus CEO McKenzie to leave this year as operating earnings decline as expected
Supreme Court to hold oral hearing on Synlait's Pokeno appeal
Meridian posts record profit on high production, prices
Intuit on track to overtake Xero outside the US
Fasten seatbelts for the Trump twitter-storm fallout