Asset Plus Ltd (the former NPT Ltd) has confirmed that SkyCity Entertainment Group Ltd settled its purchase of the AA Centre, on the corner of Victoria & Albert Sts in central Auckland, last Thursday.
Asset Plus chair Bruce Cotterill said the company had applied substantially all of the net proceeds from the $47 million sale price towards debt repayment.
He said SkyCity had retained an amount until recladding works to the stairwell are completed.
The 18-storey tower, running from 99 Albert St through to Federal St, has office space above ground-floor retail & basement parking, and net lettable area of 12,205m². It’s unit-titled, and Asset Plus owned most of it. Asset Plus had the building on its books at $40.85 million.
SkyCity said when the acquisition was announced last October the deal was consistent with its intention to consolidate control over its Auckland precinct as part of the Auckland masterplanning it’s undertaken.
15 October 2017: SkyCity buys AA Centre to consolidate precinct control
Attribution: Asset Plus release.