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Sale of TTP's finance centre to St Laurence falls through

A conditional contract for Trans Tasman Properties to sell its Auckland's Finance Centre to Wellington's St Laurence Group has fallen through.

Sunday, September 26th 2004

In a statement to the stock exchange today, Trans Tasman said it had been "unable to finalise acceptable commercial terms for the satisfaction of the conditions with St Laurence". The company said the contract had been cancelled by "mutual consent".

The conditional deal, which was announced on August 12, was for $101.15 million cash, which represented around 98% of Trans Tasman's carrying book value for the property. St Laurence had until September 14 to carry out due diligence.

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