SkyCity Entertainment Group will pay $204 million compensation to finance giant Macquarie over a failed deal to offload its car parks in Auckland.
In an NZX notice today, the Auckland company said it agreed a “mutually beneficial commercial resolution to the outstanding disputes with MPF Parking NZ in relation to the long-term concession agreement entered into in respect of the SkyCity Auckland car park”.
In April 2019, SkyCity struck a long-term concession agreement with the Macquarie business, getting $220m.
The deal announced today was the final settlement.
“SkyCity and MPF have agreed that, in exchange for the return of the car park on January 31, 2024, a compensation sum of $204 million will be paid by SkyCity to MPF under the concession agreement, and that the disputes between the parties in respect of this matter have been fully and finally resolved,” today’s statement said.