Kirkcaldie to net $21.65 mln from Harbour City Centre sale

Mon, 08 Sep 2014

By Paul McBeth Sept. 8 (BusinessDesk) - Kirkcaldie & Stains, the upmarket Wellington department store, will net $21.65 million from the sale of its Harbour City Centre on the city's premier Lambton Quay location. The company agreed to sell the iconic, recently upgraded inner city building to a Wellington property investor, Chao Zheng, for $45.85 million, according to its notice of special meeting for shareholders to vote on the deal. Kirkcaldie estimates the deal will generate $16.9 million of net proceeds immediately after the sale, wit...

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