Asb Bank Centre To Be Marketed Internationally

Friday, 13 June 2003, 4:11 pm
Press Release: ASB Bank

Asb Bank Centre To Be Marketed Internationally

The joint owners of Auckland’s ASB Bank Centre have commissioned an international marketing campaign to sell the premium-quality office tower.

The ASB Bank Centre is a landmark office tower at 135 Albert St, Auckland, with 30 office levels and four of basement carparking, which was completed in 1991.

The property is 60 percent owned by ASB Bank, which has a lease for 15 of the office levels extending until 2013, with the balance held by the AMP Property Portfolio (APP), an unlisted wholesale fund with a diversified portfolio.

Colliers International has been commissioned to market the property via international tender, with a major focus on Australia where there is strong interest in New Zealand property from listed and unlisted trusts and syndicates of high net-worth individuals. The ASB Bank Centre will also be advertised within New Zealand.

ASB Group’s General Manager Property Derek Shortt said the bank viewed this as a good time to take a premium property asset to the market. The principal reasons for the sale are that ASB Bank Limited wishes to: divest itself of its major property asset (held by ASB Properties Limited) and invest the sale funds into its core business of banking; and reduce its Land & Buildings to Total Assets ratio in line with the New Zealand banking industry average.

“The vendors are looking to make the most of the current international interest in New Zealand property assets,” said Mr Shortt.

AMP Property Portfolio General Manager Murray Jordan said the APP’s portfolio is weighted to international benchmarks, and the sale of its share in the ASB Bank Centre would allow it to re-balance its holdings in favour of retail and industrial properties.

© Scoop Media

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