Kiwi Income Property Trust might be negotiating the sale of its $97.5 million National Bank building on Queen St.
A trust spokesman refused to deny market speculation about the deal this week and referred to changing assets.
"As you know our modus operandi is to be active in the market investigating both acquisitions and divestments, and we are not averse to recycling capital out of existing assets where we think it makes sense," he said although he could not talk about any definite deals.
Institutional investors said a sale would be popular.
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"Kiwi has done a good job to get National Bank working but it is only on the cusp of being in a prime location so always tough work," said one investor yesterday.
The building has twin towers of 17 and 22 levels with a refurbished podium lobby.