Finance Centre sale falls through - again

Saturday 16th October 2004

Another deal to buy Trans Tasman Properties' Auckland Finance Centre has fallen through -- the third agreement to hit the skids this year.

Capital Properties, which last month made a conditional offer for the centre -- excluding the Simpson Grierson Building -- today announced the cancellation of the deal.

Capital Properties said in a statement it had not been satisfied with the due diligence provisions of the conditional contract.

An offer by an anonymous would-be buyer fell through in March. In August, Wellington's St Laurence Group made a $101.15 million offer . But in late September this conditional agreement was also cancelled as the parties were unable to finalise terms.

Two days after the St Laurence deal fell over, Capital Properties came up with its $78 million offer.

Shares in Trans Tasman Properties fell 1c to 40c today, having ranged between 33c and 50c over the past 12 months.

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