Fletcher Building to Sell Auckland Industrial Property for NZ$53.5 Million

MT Newswires Live

14 hours ago

Fletcher Building (ASX:FBU, NZE:FBU) has agreed to sell its industrial property on Felix Street in Onehunga, Auckland, to Goodman Property Trust (NZE:GMT) for NZ$53.5 million under an unconditional agreement, according to a Wednesday filing with the Australian and New Zealand bourses.

The divestment follows the company's decision to relocate its PlaceMakers Frame & Truss operations to the former CleverCore site on Cavendish Drive, Wiri, Auckland, per the filing.

The company is projecting an NZ$11 million gain in fiscal 2026 earnings before interest and taxes from the sale, which will help offset ongoing weakness in the residential housing market, the filling said.

The transaction is expected to complete at the end of May, the filing added.

The company's Kiwi shares fell around 2% in recent Wednesday trade.

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