SKYCITY invests further in Federal Street precinct

SKYCITY has today announced the acquisition of a majority interest in the AA Centre located on the corner of Albert and Victoria Streets in Auckland, purchasing NPT Limited’s interest in the property.

“SKYCITY is already heavily invested in the success of inner-city Auckland and this purchase is consistent with our vision of continuing to enhance the Federal Street precinct. This area has already come a long way in the past few years, and as an integrated entertainment company we see great potential for further accommodation, restaurants and bars, and entertainment facilities for the public,” says Graeme Stephens, Chief Executive Officer, SKYCITY Entertainment Group.

The AA Centre is a 17 level tower, and SKYCITY’s $47 million purchase of NPT Limited’s interest includes 15 levels (12,000m²) of commercial office space, ground floor retail, the through-site link to Federal Street, and 90 car park spaces. The remainder of the building (two levels of office space, additional ground floor retail and a small number of car park spaces) is owned by the New Zealand Automobile Association.

For further information, please view the formal market release here.