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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.