Deutsche Office spends $101m on its first NZ property
Thursday 5 August 2004
Amid speculation of the possible $3bn merger of the three Deutsche property trusts, and the possible role of Westfield in such a merger, Deutsche Office Trust (DOT) today announced that it has made its first purchase in Auckland. The purchase price is NZ$110.4 million (A$101m) and should deliver an annual yield of 8%.
By The LandlordNRM Tower, in the Auckland CBD, is a high-rise office development currently under construction. Due for completion in May 2005, the building will have 18,700 square meters of office space on 14 levels, 194 car spaces and is already 80% leased.
GM Mr Michael Brown said that the development was a rare opportunity to acquire new premium, high-grade building in a strong market, leased to quality tenants and that provided a contemporary office work environment.
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