Casino giant, SKYCITY Entertainment (ASX:SKC) has purchased a majority stake in the AA Centre in Auckland for $47 million.
The business made the decision so it has control over the Auckland precinct, all so it can build further hotels, apartments, entertainment facilities, as well as food and beverage outlets.
SKYCITY says it's all part of the Auckland master plan that’s being undertaken.
Settlement of the 15 levels of office, retail and car space is booked for 12 July 2018.
The other two remaining floors will remain owned by the New Zealand Automobile Association.
The property also offer a 7 per cent yield from its income.
Shares in SKYCITY Entertainment (ASX:SKC) closed about 1.5 per cent lower yesterday to $3.37.