Skycity Entertainment Group Announces Unconditional Sale of Commercial Properties
Key points
- Sale of 99 Albert Street and Victoria Street Properties now unconditional
- Mainland Capital to acquire properties for $74.5 million
- Proceeds to be used for debt repayment and financial flexibility
- Expected settlement date is 1 September 2026
Full summary
SkyCity Entertainment Group Limited (SkyCity) has announced that the sale of its 99 Albert Street office building and investment properties on Victoria Street (the Commercial Properties) is now unconditional. Mainland Capital, a Christchurch-based commercial property funds manager, will acquire the Commercial Properties for $74.5 million in a joint venture with Russell Property Group. The expected settlement date is 1 September 2026. SkyCity's CEO, Jason Walbridge, expressed satisfaction with the progress of the sale and highlighted the partnership with Mainland Capital. The capital proceeds from the sale will be used to repay debt, enhancing SkyCity's financial flexibility to navigate current market conditions.
Outlook
SkyCity anticipates improved financial flexibility and enhanced ability to navigate current market conditions.
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