Shareholders in upmarket Wellington retailer Kirkcaldie & Stains [NZX: KRK] are to vote on whether to approve a deal to sell its Harbour City Centre property for $45.85 million.
The unnamed buyer today completed due diligence in the property for an agreed purchase price of $45.85 million, compared to an Aug. 31, 2013 valuation of $40 million and carry value of $49.87 million as at Feb. 28 in Kirkcaldie’s first-half financial statements, it said to the NZX after the close of trading.
Full details of the transaction will be release in the notice of extraordinary meeting, which will likely be distributed early next month.
The front building, a historically significant structure that formerly housed Kirkcaldie's long-defunct competitor DIC, accounted for most of the $50 million valuation ascribed to the property.
Kirkcaldie plans to recapitalise its retail unit from the proceeds of the asset sales before returning any surplus to shareholders.
The shares were unchanged at $2.20, and have increased 4.8 percent over the past 12 months. That values Kirkcaldie at $22.55 million.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Wynyard: Shareholders Association John Hawkins - shareholders learning a pretty hard lesson
- Lance Wiggs on who's to blame for the Wynyard collapse
- Century 21 boss pleads for a pause on more mortgage lending restrictions
- ‘Idea private sector would provide decent, affordable housing a myth from colonial period on’ – Big Smoke author Ben Schrader
- BNZ's Jason Wong says the consistent message from the US Fed about a likely December cut is pushing the USD up