Listed commercial property investor AMP NZ Office Trust plans to buy a Wellington office and retail block for $77 million.
The newly-built site is located on central Wellington's Willis Street and has over 7,000 square metres of office space and 1,810 square metres of retail, AMP said ina statement.
The office area is currently being leased by Land Transport New Zealand.
Fourteen of 16 of its retail tenancies have been picked up local and overseas retail chains.
The acquisition price of $77.06 million, including vendor income support and acquisition costs, is $690,000 less than an independent valuation, AMP Office Trust said.
The company plans to fund the acquisition through bank debt, which would take its gearing level to 26.1 per cent, compared with the company's cap of 40 per cent.
