KEY POINTS:
Kiwi Income Property Trust said today it had exercised its pre-emptive right and unconditionally bought the remaining 50 per cent of the National Bank Centre in downtown Auckland for $55.6 million.
The 26,146sq metre building, completed in 1990 and comprising two towers, is co-owned by AMP Property Portfolio Investments.
The pre-emptive right was triggered by an offer for APPIL's share by an Australian investor.
The acquisition price represents a market yield of 8.0 per cent, and will be debt funded, with settlement in November 2006.
ANZ National Bank occupies approximately 42 per cent of the office space, with leases until 2011.
The retail component of the building accounts for about 30 per cent of the building's rental income and includes high profile retail space on one of Auckland's busiest pedestrian corners.
- NZPA
