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Singapore-listed Roxy-Pacific Holdings has agreed to purchase a mixed-use commercial building in Auckland, New Zealand for NZ$72.55 million (S$68.23 million), excluding applicable taxes.
According to an SGX filing last Friday (30 Nov), the property is being acquired by the company’s unit Roxy NZ – 280Q from LGGM Limited.
Located in the central business district along 280 Queen Street, the property has a land area of 2,253 sq m and a net lettable area of 14,690 sq m. It comprises three levels of retail premises, 11 floors of office space and secure off-street parking for 48 vehicles.
“The property presents a prime investment opportunity and has potential to be a stable source of rental income for the group,” said Roxy-Pacific, adding that the selling price was arrived at on a willing-buyer, willing-seller basis.
The purchase price will be funded by internal resources and bank borrowings. The transaction is also not expected to have any material impact on Roxy-Pacific’s consolidated earnings and net tangible assets per share for the current fiscal year ending 31 December.
However, the transaction is conditional upon the buyer being satisfied that the property meets its requirements after conducting a due diligence on it.
“The parties to the agreement agree that the time for satisfaction or waiver of this condition shall be 17 December 2018 (or such later date as is agreed to by the parties) and settlement under the agreement shall take place on 28 February 2019,” it added.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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