CP Group consortium has pushed its way back into the top tier of NZ’s most expensive hotel properties.
While May’s commercial rent payments are an improvement on April, retail and tourism are expected to lag.
The development included a five-star hotel and A-grade office spaces.
The company has let three directors go to cut costs and make way for one from Centuria Capital.
Augusta Property Fund’s $89m transaction was cancelled on March 27.
Covid-19 is considered a force majeure under the agreement with central government.
The buyer isn’t yet known, as Charter Hall pockets $36.9m.
The property fund has lost deposits on two property acquisitions.
The property fund wants to get its LVR out of the low 40% range.
It expects to settle a $140m acquisition on Thursday.