Precinct Properties sued over HSBC tower deal

The former owner of the HSBC tower on Auckland’s Queen Street is suing new owner Precinct Properties [NZX: PCT] following its sale.

No 1 Queen Street Ltd last year agreed to sell the 21-level tower to the listed company for $103 million.

According to Precinct Properties' half yearly update in February, the tower was acquired in May 2013 and had benefited from a six-month vendor underwrite.

 

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