SkyCity says it has reached a conditional deal to sell The Grand hotel, located between central Auckland’s Albert St and Federal St.
An update on the NZX said the transaction was expected to be conditional on consent from the New Zealand Overseas Investment Office – meaning the buyer is located outside of New Zealand.
It added the financial terms of the non-binding heads of agreement was confidential at this stage, and remained “subject to the negotiation and execution of binding sale and purchase documentation upon satisfactory completion of due diligence”.
“The transaction forms part of SkyCity's previously announced asset monetisation programme.
“Capital proceeds received under the asset monetisation programme will be used to repay debt and provide SkyCity with greater financial flexibility to navigate current market conditions.”
Last week, 1News reported SkyCity had sold a 17-level central Auckland office tower and three other adjoining properties for $74.5 million.
Mainland Capital and Russell Property Group confirmed the purchases of 99 Albert Street and 62-68 Victoria Street West today in a joint statement which described the locations as being vital for urban activity.
The final settlement date of these properties was expected to be September 1 2026.
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