Rich pickings during the downturn spurred Sir Bob Jones to buy the Forsyth Barr Tower in Shortland St.
Greg Loveridge, New Zealand manager for Robt. Jones Holdings, said the business was buying up large during the recession.
Yesterday's announcement of the Forsyth Barr Tower purchase took the value of its
recent buy-ups to about $100 million, Loveridge said.
"While it may seem puzzling to be proactive in a recessionary climate, in fact that is the modus operandi of a permanent investment company," Loveridge said. "Other activities ride out busts. We ride out booms during which time we concentrate on enhancing and enlarging our existing portfolio."
The company had spent $100 million on Auckland, Wellington and Sydney blocks in the past seven months.
The tower at 55-65 Shortland St, once owned by Capital Properties, was sold by AWOF New Zealand Office Trust. Tenants include sharebrokers Forsyth Barr, Meredith Connell Lawyers and Vero Insurance.
Sir Bob told last month's Property Institute conference in Auckland that he had bought a building for about $40 million. His Wellington office said he was in Europe until July 18 and could not be contacted. But the company's website has his commentary against environmentally-friendly buildings. He rejects the green-star rating system.
"RJH rejects the current cost-cutting conservationist fad of green buildings instead opting for an environmental approach. Robt. Jones Holdings as a deliberate policy never takes a conservationist approach with its 20 office buildings in Wellington, Auckland and Sydney.
"Instead it adopts an environmental strategy by creating high quality suites, seeking (by industry standard) excess lifting and numerous other features to enhance the working environment," Sir Bob wrote.
Loveridge said Robt. Jones Holdings now held real estate valued at around $800 million. SEE ALSO
Prime Assets - B8
