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KIP sells Beca House for $55m

NZX-listed Kiwi Income Property Trust has entered into an unconditional agreement to sell Auckland’s 10-storey Beca House for $55 million at a 2% premium.

The 21 Pitt St building was valued at $54m at March 31 and KIP bought the property in 1997 for $32.2m.

The sale, brokered by CB Richard Ellis to a private investor, represents a yield of 8% and is due to settle on July 2.

Beca signed a nine-year lease in 2010 over 14,400sq m of office space. The building has a total net lettable area of 16,800sq m.

Companies Office records show KIP is owned by Colonial First State Investments NZ and lists four independent directors John Duncan, Robert Narev, Joanna Perry and Mike Steur.

Richard Didsbury and Angus McNaughton are also listed as directors.

KIP shares last traded on the NZX at $1.055.

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