Kiwi Property to sell Wellington's Majestic Centre for $123.2M to Investec

Mon, 13 Nov 2017

By Tina Morrison Nov. 14 (BusinessDesk) - Kiwi Property Group, which manages a $3 billion portfolio of shopping centres and office buildings, is selling its Majestic Centre office tower in Wellington to Investec Australia Property Fund for $123.2 million. Auckland-based Kiwi Property has invested in earthquake strengthening the tower, in what it says was one of New Zealand's largest seismic upgrade projects, and will use the funds from the sale to pay down bank debt, giving it further flexibility as part of its strategy to fund new develo...

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