Sharechat Logo

Kirk's puts inner city Wellington landmark up for sale

Monday 10th February 2014

Text too small?

Kirkcaldie & Stains, Wellington's up-market department store, plans to sell its Harbour City Centre building in the capital city's Lambton Quay, after several aborted attempts to split its retail and property businesses.

The Wellington-based firm has hired Bayleys to run an international marketing campaign to sell the building by tender, it said in a statement. Any successful purchase will need shareholder approval.

The building was valued at $50 million as at Aug. 31, more than twice the company's market value of $20.5 million, or $2 a share. The stock rose 1.5 percent today. It was extensively renovated last year to meet earthquake strengthening requirements and is almost fully tenanted by the head office of NZX-listed heavyweight Contact Energy.

Kirkcaldie's board abandoned plans to separate its retail and property businesses after hiring advisers to investigate the idea in 2012. The review was prompted by a mystery buyer keen on buying the building who subsequently walked away.

The company will hold its annual meeting in Wellington next week on Feb. 19.

 

BusinessDesk.co.nz



  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:

Mandatory farm plans scorned as 'tick box' exercises
Kiwi dollar firms on weak US retail data, capped by rate-cut expectations
17th October 2019 Morning Report
SkyCity hoses down union claims over potential job losses
OPINION: Fair Payment Agreements and 'swallowing vomit' - the lot of the CTU
MARKET CLOSE: NZ shares gain; Restaurant Brands climbs on upbeat outlook
NZ dollar stalls after Bascand's rate cut comments
Bascand says RBNZ will consider changing bank capital proposals
Affordable electricity key to decarbonisation - Genesis
Graeme Hart trims global packaging empire with US$615m asset sale

IRG See IRG research reports