SkyCity Entertainment Group Announces Acquisition Of NPT Interest In The AA Centre

SKYCITY Entertainment Group Limited (SKC.NZX)  has acquired NPT Limited’s (NPT.NZX) interest in the AA Centre, 99 Albert Street, Auckland for $47 million. SKYCITY and NPT Limited entered into a conditional agreement on 31 August 2017, and the conditions have now been satisfied.

The acquisition is consistent with SKYCITY’s intention to consolidate control over its Auckland precinct as part of the Auckland master planning being undertaken. The master plan, once completed, will incorporate opportunities for further hotels, apartments, food & beverage outlets, entertainment facilities and office spaces, with the aim of having a cohesive and integrated mixed-use entertainment precinct, and will ensure that SKYCITY leverages the benefits of the increased pedestrian traffic flows anticipated following completion of the City Rail Link.

The AA Centre is a 17 level tower on the corner of Albert and Victoria Streets with connectivity to SKYCITY Auckland via a through-site link (connecting Federal Street and Albert Street).

NPT’s interest in the building includes 15 levels (12,000 m2 ) of commercial office space, ground floor retail, the through-site link and 90 car park spaces. The remainder of the interest in the building (namely 2 levels of office space, additional ground floor retail and a small number of car park spaces) is owned by the New Zealand Automobile Association.


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