Blue Chip buys up Auckland CBD properties

1.00pm

Listed property investment firm Blue Chip today said it had agreed to purchase 63 residential and three commercial properties in central Auckland for $25.30 million.

The properties would be purchased from Empress Leisure (NZ) Ltd in a series of transactions to be settled in three stages - on December 20 this year and on February 25 and March 25 next year.

The first transaction was unconditional while the second and third stages depended on satisfactory valuations, Blue Chip said in a statement.

The company said 12.16 per cent of the purchase price would be paid by the issue of new ordinary shares to the vendor at $1.40 per share (each ranking equally with all existing shares).

The balance of the purchase price will be paid in cash.

Blue Chip shares were trading 5c higher at $1.00 in late morning trade today.

- NZPA