KIPT sells rest of Auckland high rise

Kiwi Income Property Trust has sold its remaining 50% stake in an Auckland high-rise office complex.

Tuesday, May 06th 2014

It said today that Auckland City Holdings (ACHL) had exercised its right to purchase the interest in 205 Queen St for $56.3 million.

That is in line with the asset’s March 31 independent valuation. The deal will settle June 3.

In October, KIPT entered into a sale and purchase agreement with ACHL under which ACHL bought the first 50% of the building for $47.5 million.

That deal settled in January.

ACHL was required to buy the rest of the building on or before March 2017.

The building has a vacancy rate of 9.2% in March, from 22.5% in September.

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