JONES Lang LaSalle has negotiated the sale of SKYCITY Metro in Auckland, New Zealand to Orchard Funds Management for $NZ55.1 million on an initial yield of 7.25%.
The property was sold by SKYCITY Metro and is expected to yield 8.05% once fully leased.
The current passing net income is $NZ3.99 million and the expected fully leased income will be $NZ4.43 million.
SKYCITY is a 15,750 sqm entertainment based retail complex, which includes a 12 screen SKYCITY cinema complex, IMAX Cinema’s, Borders Books, 31 specialties and a leasehold interest over 14 shops in the adjoining historic
Australian Property Journal
