New Zealand casino operator SkyCity has acquired a major interest in a 17 storey office building located on the Federal Street precinct.
SkyCity chief executive officer Graeme Stephens says it plans to use the building to “add further accommodation, restaurants and bars, and entertainment facilities for the public.”
Named the AA Centre, the property is owned by NPT Limited and was acquired by SkyCity for $47 million.
The building includes 15 levels (12,000 sqm) 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.
Settlement is expected on July 12, 2018, and will be funded from existing bank facilities.
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