TTP set to sell Auckland complex to St Laurence

The conditional deal is for $101.15 million cash and represents around 98% of Trans Tasman's carrying book value for the property

St Laurence has until September 14 to carry out due diligence. The complex comprises four buildings with a total net lettable area of 40,900sq m and 497 carparks. Located on Queen Street, the centre fronts onto both Victoria and Albert Streets.

"Opportunities to purchase significant commercial properties in Auckland's CBD don't present themselves very often. The Finance Centre represents an attractive investment opportunity and one that warranted due consideration," St Laurence chief executive John Mallon said in a statement.

On Tuesday, Trans Tasman posted posted a first half net profit after tax (npat) of $12.2 million, up nearly 70% on the same period last year.

Shares in the company were unchanged at 37 cents in late afternoon trading today, having fetched between 30 cents and 50 cents over the past 12 months.

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.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Property shareholder dismisses liquidation gambit
GPG wants Trans Tasman liquidated