Bookmark & Share
Roxy-Pacific Holdings is set to acquire a commercial office building in Auckland, New Zealand for NZ$63 million (S$62 million).
With a total site area of around 2,604 sq m, NZI Centre is a five-storey building that comes with a basement. The property has a net lettable area of 9,446 sq m and is currently fully leased to New Zealand’s biggest insurer, IAG New Zealand Limited.
Its leasehold tenure, which is perpetually renewable for 20 years, runs until 31 December 2036.
The company believes that the property “presents a prime investment opportunity and has potential to be a stable source of rental income for the group”.
It revealed that the consideration will be financed by bank borrowings and internal funds.
“The acquisition is not expected to have a material impact on the group’s consolidated earnings and net tangible assets per share of the company for the current financial year ending 31 December 2017,” added Roxy Pacific.
This article was edited by Keshia Faculin.
Related Articles:
ICB Shopping Centre set for en bloc launch
Pacific Star Development to jointly develop waterfront project in Jakarta