Kiwi Income Property Trust [NZX: KIP], 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.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- PM right to speak out on NZ Super Fund CEO pay, shareholders group says
- Chris Liddell divesting himself of Xero shares, options
- Political activist Nicky Hager takes next step in privacy case against Westpac
- TVNZ first-half earnings drop as ad revenue falls faster than expenses
- General Cable's headquarters up for sale
Most listened to
- Sky TV boss John Fellet says he's happy to sign a contract with Spark
- NZ Shareholders Association chairman John Hawkins says all shareholders should question rising executive pay
- Snowball Effect has appointed former Russell McVeagh lawyer and technology marketer Peter Thomson as Head of Digital
- Hobson Wealth’s James Grigor on how Air NZ can deal to competition
- Westpac's Sarah Drought says the usually dry Summer months have feared will for dairy farmers, due to a wet Spring