Precinct buys Queen St's HSBC Tower for $103M, signals funding review

Sun, 24 Mar 2013

March 25 (BusinessDesk) - Precinct Properties New Zealand, formerly AMP NZ Office, has agreed to buy HSBC Tower at the bottom of Auckland's Queen St for $103 million, and plans to run the ruler over its existing funding options. The deal is subject to board approval and the completion of due diligence, and Overseas Investment Office sign-off, the property investor said in a statement. The purchase price represents an initial yield of 7.7 percent. Settlement is scheduled in five months, and the Precinct board will use that time to review all...

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