SKYCITY Entertainment Group Limited has announced that it has signed an agreement to sell the Federal Street car park, located alongside its flagship SKYCITY Auckland property, for NZ$40 million to ICD Property Investment Limited (ICD).
The company revealed in a filing to the Australian Securities Exchange that ICD was selected as the preferred purchaser following a competitive tender process managed by Colliers, signing a conditional agreement in late April 2018. The conditions of that agreement have now been satisfied.
ICD has paid a 10% deposit on the purchase price with the remainder to be settled within 12 months.
“The sale of the Federal Street car park is consistent with SKYCITY’s intention to move to an ‘asset-lighter’ strategy which includes looking to divest non-core assets and businesses,” the company said.
“The proceeds of the sale will be used, initially, to pay down debt and then fund future growth opportunities as they arise.”
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