Caniwi in $60.5M Wellington commercial property spend-up

Thursday 11th April 2013

Wellington private equity investor Troy Bowker's Caniwi Capital is spending $60.55 million to purchase two central Wellington commercial properties on long term leases to the ANZ and Victoria University, taking the firm's total asset base to more than $100 million.

The larger of the two transactions is for a building in a fringe CBD location in Tory Street, valued at $46.25 million, which Caniwi will buy from Ian Cassell's The Wellington Company once a complete refit is finished in May.

ANZ Bank is the anchor tenant on a long term lease with renewal rights. Previous media reports suggest as many as 1,200 staff will work in the 14,500 square metre complex.

Caniwi is also purchasing Boulcott Hall, formerly used to house government agencies and now a Victoria University hall of residence in the Wellington CBD, for $14.3 million.

The university has a 15 year lease on the building, which opened in time for the 2013 academic year.

"We have outstanding tenants in both properties," said Bowker, a former London and New York financial markets high-flyer with links to Prime Minister John Key, in a statement. "In both cases our investment decision was driven by the high quality of the tenants, the long term nature of the leases with built in rental growth and the well located buildings for their needs."

Caniwi is privately held, with no listing or securities offerings planned and has up to $60 million of new investments on the horizon, mainly in Auckland, said Bowker.

BusinessDesk.co.nz

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