Precinct sells Wellington building for $36.1 million, affirms 2015 earnings

Mon, 01 Jun 2015

By Paul McBeth June 2 (BusinessDesk) - Precinct Properties New Zealand, which raised $174.1 million in March to help fund major developments, sold a Wellington building in the central business district for $36.1 million, just below book value, and has affirmed its earnings forecast for the 2015 financial year. Auckland-based Precinct sold 80 The Terrace, valued at $37.1 million as at Dec. 31, to an unidentified private investor, and will use the proceeds to repay bank debt which will trim its bank gearing ratio to about 18 percent, it sai...

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