Kiwi Property to sell Auckland's Vero Centre office tower for $458m

Downtown Auckland's Vero Centre is no longer core to Kiwi Property's strategy. (Image: Ross Setford)

Thu, 16 May 2024

NZX-listed real estate investor Kiwi Property Group plans to sell its Auckland Vero Centre office tower to a Hong Kong China-based conglomerate for $458 million, nearly 2% below a valuation from last September.Kiwi chief executive Clive Mackenzie said that after being a "prominent feature of our office portfolio for over 20 years", the Vero Centre was no longer core to the company's strategy, given its focus on creating retail-led mixed-use centres. “This transaction is an excellent example of our capital recycling prog...

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