Kiwi Property cancels $458m Vero Centre sale

Kiwi Property's CEO says he is disappointed the company has had to terminate the conditional sale of the Vero Centre. (Image: NZME)

Oliver Lewis

Fri, 02 Aug 2024

Kiwi Property has terminated the sale of its landmark Auckland office tower, the Vero Centre, after the overseas buyer failed to meet contractual conditions.In an update to the NZX in June, the listed property company said it had agreed to sell the building, located near the Auckland waterfront, for $458 million to an unnamed Hong Kong-based consortium.The transaction represented a 1.9% discount to its September 2023 book value.Speaking then, Kiwi Property chief executive Clive Mackenzie said the company was focused on creating retail-led mixed...

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