SKYCITY’s $47m buy forms part of Auckland’s transformation

Company News

by Jessica Amir

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.

Jessica Amir

Finance News Network
Jessica is a senior finance journalist and presents the Market Outlook, Market at Midday and Market Wrap. She also presents ASX company news and interviews CEOs. She joined FNN in January 2017 with six years of broadcast journalism experience. She worked as a journalist and producer with Sky News Business, ABC 1, ABC's The Business and ABC24. She also worked in regional Australia for Prime 7 and WIN News as a TV reporter. In her prior life she worked as a financial planner.