Sky confirms sale of Mt Wellington properties for $56m

Sky Network Television (NZX/ASX: SKT) has entered into a conditional agreement with Goodman Property Trust (GMT) for the sale of three properties comprising Sky's Mt Wellington campus for a consideration of $56 million.

The sale is conditional on GMT completing further due diligence and is expected to be finalised in March 2022.

Sky has negotiated a ten-year leaseback of Studio One and a five-year right of renewal, as well as a one-year leaseback of Studio Three.

The third building, Studio Two, has been sold as vacant.

Sky CEO Sophie Moloney commented that the sale is in line with their strategy to “recycle capital to initiatives that create value for customers and shareholders”.

The company will announce the outcome of their capital management review, including future dividend policy, when they report first half results on 24 February 2022.