SkyCity to sell Auckland car park concession for $220 million

Wed, 03 Apr 2019

By Rebecca Howard April 4 (BusinessDesk) - SkyCity Entertainment Group has agreed to sell a long-term concession over its Auckland car parks to Macquarie Principal Finance Group for $220 million as part of a strategy to get out of non-core assets. Of the proceeds, $100 million will be used to repay drawn bank debt. The balance will be retained as cash to be recycled into higher returning investments and strategic opportunities, the casino operator says. As a result, gearing is expected to reduce by around 0.5 times earnings before intere...

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