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 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.