Trans Tasman sells down Wellington investments

The company says it has entered into a conditional contract for the sale of four of its seven Wellington properties, subject to a number of conditions including due diligence.

The properties in the deal are 110 Featherston St, Telecom Tower at 27 Manners St, Tourism & Travel House at 73-79 Boulcott St and the Ministry of Economic Development Building at 33 Bowen St.

"If the sale does proceed, it is anticipated that the final purchase price will be close to book value for the properties. Trans Tasman will provide further information to the market if matters proceed to greater certainty," the company says.

Trans Tasman Properties is an investor and developer of commercial property in both New Zealand and Australia with its Australian investment held through a 50% interest in Australian Growth Properties Limited.

In its last full year report announced in February TTP recorded a loss of $3.89 million, which included writing down its New Zealand portfolio from $522.8 million to $461.1 million.

Property sales last year totalled $195 million, comprising five properties in Australia and nine properties in New Zealand, with the proceeds used to repay bank debt.

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