Biggest NZ CBD property sale since 2010 closes with Simpson Grierson’s advice

by Sol Dolor02 Feb 2018
Simpson Grierson has advised on the biggest New Zealand CBD property deal since 2010.

The firm acted for Roxy-CES, which bought 205 Queen St in Auckland for $174m. The consortium, a joint venture formed by Singapore-listed firms Roxy-Pacific Holdings and Chip Eng Seng Corporation, closed the deal on 20 December.

The sale of the two buildings formerly known as National Bank Towers attracted nearly $1.5bn in bids from around the world. The deal shows that New Zealand is a favoured location for international investment, Simpson Grierson said.

This is not the first time the firm has acted for Roxy-Pacific. A week before the deal closed, the firm helped the property group on its $63m acquisition of 1 Fanshawe St, which is leased by IAG New Zealand.

“Settling two such major property deals within a week was highly challenging but evidences the expertise and skill within the firm,” senior associate Tara Wylie said.

The firm’s team also included partners Greg Allen and Greg Towers, senior associate Richard Evans, and solicitor Rachael Whitney. Partner Andrew Harkness and senior associate Zelda Gower acted on the financing by DBS Bank on both deals. Partner Simon Vannini and solicitor Viktoriya Pashorina-Nichols worked on commercial matters.

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