Kiwi Income sells remaining interest in Queen St building for $56.3 mln

Tuesday 6th May 2014

Kiwi Income Property Trust, the country's second-biggest listed property investor, has sold its remaining interest in a Queen Street office building for $56.3 million in the second-part of a two-stage deal.

Auckland City Holdings, a company associated with privately held Brisbane-based Bloomberg Inc, will pay a total $103.8 million for 206 Queen St in Auckland, having already acquired a half-stake in the building as part of a two-part deal that meant the Australian firm would buy the remainder before the end of March 2017.

The building, formerly the National Bank Centre, is made up of two towers, one 17 levels and the other 22 levels, with basement parking for up to 131 cars, lowered its vacancy rate to 9.2 percent as at March 31 from 22.5 percent at the end of September.

Units in Kiwi Income rose 0.4 percent to $1.155, and have gained 6.5 percent this year.

Bloomberg developed and owns Brisbane's fourth-tallest building, Riparian Tower, which is spent A$130 million building.

BusinessDesk.co.nz

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