KIPT sells rest of Auckland high rise
Kiwi Income Property Trust has sold its remaining 50% stake in an Auckland high-rise office complex.
Tuesday, May 6th 2014, 12:00AM
by The Landlord
It said today that Auckland City Holdings (ACHL) had exercised its right to purchase the interest in 205 Queen St for $56.3 million.
That is in line with the asset’s March 31 independent valuation. The deal will settle June 3.
In October, KIPT entered into a sale and purchase agreement with ACHL under which ACHL bought the first 50% of the building for $47.5 million.
That deal settled in January.
ACHL was required to buy the rest of the building on or before March 2017.
The building has a vacancy rate of 9.2% in March, from 22.5% in September.
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