Kiwi Income Completes Sale of Queen St towers

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Tuesday, May 6th, 2014
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205 Queens Street Auckland
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Kiwi Income Property Trust, the country’s second-biggest listed property investor, has sold its remaining interest in an Auckland CBD building for $NZ56.3 million ($A52.41 million) in the second-part of a two-stage deal.

Auckland City Holdings, a company associated with privately held Brisbane-based Bloomberg Inc, will pay a total $NZ103.8m for t, Auckland, having already acquired a half-stake in the building as part of a two-part deal that meant the Australian firm would buy the remainder before the end of March 2017.

The building, formerly the National Bank Centre, is made up of two towers, one 17 levels and the other 22 levels, with basement parking for up to 131 cars.

It lowered its vacancy rate to 9.2 per cent as at March 31, from 22.5 per cent at the end of September.

Units in Kiwi Income rose 0.4 per cent to $NZ1.155 on Tuesday, and have gained 6.5 per cent this year.

Bloomberg developed and owns Brisbane’s fourth-tallest building, Riparian Tower, which cost it $A130m.

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