Warehouse reaps pretax gain of $14M-$15M on sale of Silverdale to DNZ Property

Wed, 24 Apr 2013

April 24 (BusinessDesk) – Warehouse Group, New Zealand’s biggest listed retailer, will reap a pretax gain of between $14 million and $15 million from the sale of Silverdale Centre in Auckland after developing the shopping complex on land it had owned for almost two decades. Listed property investors DNZ Property Fund agreed to buy the fully-leased property for $78 million in a move that lifts its exposure to both retailing and Auckland. The centre stands to benefit from the nearby Millwater residential development of more than 3,000 dwellings...

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