ING buys Auckland's Citibank centre

Monday 26 July 2004

ING Property Trust has bought the Citibank Centre in Auckland for $30.5 million.

By The Landlord

ING said the purchase price has been confirmed as fair value by independent valuer, Colliers International and represents an initial passing yield of 9.02%.

The listed property trust said it would fund the purchase through an existing bank debt facility.

Settlement is expected within 20 business days. The Citibank Centre is a 15-level commercial office building on a freehold site of 1,500sqm, with a total net lettable area of 9,795sqm and 81 carparks.

ING said the property comes with a number of long-term, blue chip tenants, including Citibank and Thai International Airways.

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