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 bulletins including the Market Outlook, Market at Midday and Market Wrap. She also interviews ASX CEOs and leading fund managers. She joined FNN in January 2017 with over six years of broadcast journalism experience including 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 in financial planning for over six years with leading wealth managers and in real estate.