Kiwi Property Sells ASB North Wharf to Precinct for NZ$205 Million

MT Newswires Live

01/27

Kiwi Property Group (NZE:KPG) agreed to sell ASB North Wharf in Auckland's Wynyard Quarter to Precinct Pacific Investment, a partnership of Precinct (NZE:PCT) and global institutional investor GIC, for NZ$205 million, according to a Tuesday filing with the New Zealand bourse.

The company will complete around NZ$2.2 million in remaining capital works, while the purchaser will assume responsibility for additional costs associated with extending the ASB lease to 2040, per the filing.

The sale will reduce the company's pro forma gearing to about 31%, following the conditional sale of Sylvia Park Lifestyle and the sale of The Plaza, freeing capital for acquisitions and mixed-use development, the filing said.

The completion is contingent on approval from the overseas investment office, with settlement anticipated in the first half of the year, the filing added.

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