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 joined FNN in January 2017 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She was a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for Prime 7 and WIN News. Jessica has worked as a financial planner and real estate agent.