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.


Read More - Opens in a new window
Commenting is closed

Property News

Price expectations spiral down

Housing confidence has been dealt a hefty blow by the Covid-19 crisis with house price expectations plummeting to new lows.

House Prices

House price drops are short-lived - Alexander

Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.

Mortgages

Mortgage lending slumps to record low in April

Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.

Site by PHP Developer