Roxy-Pacific Holdings’s wholly-owned subsidiary has entered into an agreement on Sept 28 to acquire a commercial property in Auckland, New Zealand. The purchase consideration is NZD63 million ($61.7 million), excluding taxes.

Located at Fanshawe Street on the western side of Auckland’s CBD, the property is NZI Centre, an office building with five storeys and a basement, which is currently fully leased to insurer IAG New Zealand. The leasehold property has a site area of about 28,029 sq ft and a net lettable area of about 101,677 sq ft.

The acquisition, which will be made under the group’s newly-incorporated subsidiary, Roxy-Pacific NZI, will be financed through internal funds and bank borrowings.

Source: Colliers International New Zealand

According to the SGX filing made by Roxy-Pacific on Sept 28, the group finds NZI Centre “a prime investment opportunity”, with “potential to be a stable source of rental income”.