Source: Radio New Zealand
RNZ / Marika Khabazi
Kiwi Property is selling ASB North Wharf building in Auckland’s Wynyard Quarter to Precinct Pacific Investment for $205 million.
The sale price represented a 3.3 percent discount to the September 2025 book value, and included Kiwi Property’s commitment to complete $2.2m of capital works to the property.
Precinct will be responsible for any additional expenses associated with the extension of the 15-year lease to ASB.
Precinct chief executive Scott Pritchard said the purchase of ASB North Wharf aligned with its strategy for investments in high quality, well located commercial property.
“This is a strong endorsement of the Wynyard Quarter precinct, and we look forward to working with ASB as they refresh their premises to reflect their workforce’s needs,” Pritchard said.
Kiwi Property chief executive Clive Mackenzie said last year’s extension of the ASB lease to 2040 helped to position the asset for sale.
“The sale of ASB North Wharf is a significant milestone for our capital recycling programme and is the third property transaction we have agreed in the last three months,” he said.
“Our balance sheet is now strongly positioned to support growth, aligning with a property market that is showing clear signs of recovery.”
He said the proceeds of would be reinvested into further growth initiatives, including potential acquisitions and development at Kiwi Property’s key mixed-use assets.
Completion of the sale of ASB North Wharf was subject to the consent of the Overseas Investment Office, with settlement expected in the first half of 2026.
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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand
