Fletcher HQ sold for $80m
Aerial view of the Fletcher Building headquarters at 790-816 Great South Rd, Penrose - roughly identified by a red circle
New Zealand's biggest listed business, Fletcher Building, has sold its international headquarters to a local "onshore" investor for $80 million.
Colliers International announced that the Penrose buildings and 2.2ha site had been sold with a 20-year leaseback to Fletcher.
"Peter Herdson and Andrew Reed finalised the deal late last month following presentations of the property in Shanghai, Beijing, Hong Kong and Singapore," the Colliers statement said.
"Despite multiple bids being received from Asia and USA, the 2.2 ha property, with a 20 year lease-back to Fletchers, sold to an onshore private investor. The price represented a yield of around 7 per cent.
"The property that Fletchers has occupied since the sixties went to market on a 'redevelopment as complete' basis and will boast 13,200m of building area upon completion of its major renovation next year.
"Fletcher Building is a global company, listed on the NZX and ASX, with revenue of $8.4 billion and 19,000 employees world-wide," Colliers said.