Steel & Tube agrees to $21.1M sale-and-leaseback on Christchurch's Blenheim Rd

Thu, 21 Jun 2018

By Margreet Dietz June 22 (BusinessDesk) - Steel & Tube Holdings said it agreed to a $21.1 million sale-and-leaseback deal of its Blenheim Road property in Christchurch, a key distribution hub for the company, as part of its restructuring efforts to raise working capital and pay down debt. The transaction, which is expected to be completed on June 29, will allow the Lower Hutt-based manufacturer and distributor of steel building supplies to recognise a gain on sale of about $1.3 million in the financial year ending June 30, the company s...

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