SkyCity gets $40m from carpark sale

Company News

by Rachael Jones

SkyCity Entertainment Group (ASX:SKC) has sold its Federal Street carpark in Auckland for $40 million.

New Zealand's only listed casino company says it sold the 427-space carpark to Melbourne-based ICD Property Investment (ASX:ICD) following a tender process.

The price is above the carpark's $22 million book value, with settlement scheduled for late April 2019.

SkyCity expects its total debt to peak at around $1 billion in 2020, and doesn't want to lower its dividends which it says are important to a significant proportion of its shareholders.

SkyCity Entertainment Group (ASX:SKC) are down 0.54% to $3.65.