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Fund managers in property deals

Fund managers were involved in two significant property announcements yesterday. St Laurence Group is set to buy the Finance Centre in Auckland for a little over $100 million and ING completed its Urbus purchase.

Thursday, August 12th 2004

Trans Tasman Properties Limited is set to sell the Finance Centre Complex in central Auckland to St Laurence Property & Finance Limited.

The conditional deal is for $101.15 million cash and represents around 98% of Trans Tasman's carrying book value for the property

St Laurence has until September 14 to carry out due diligence. The complex comprises four buildings with a total net lettable area of 40,900sq m and 497 carparks. Located on Queen Street, the centre fronts onto both Victoria and Albert Streets.

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