TVNZ - June 5, 2009
Fisher & Paykel Appliances Ltd has an unconditional agreement to sell and lease back its 14.4ha East Tamaki site and is continuing to market its Cleveland, Brisbane, site.
The site in East Tamaki in Auckland is the company's largest property sale.
The company did not disclose the sale price but market speculation has been around $70 million. The agreement is conditional on due diligence and finance.
The buyer is Direct Property Fund.
The sale and lease back of the campus, covering 14.4ha and over 62,000 sq m of office and manufacturing facilities, is part of the company's global manufacturing strategy.
"We are delighted to be able to reach an agreement suitable to both parties, subject to due diligence and finance," said managing director John Bongard.
The agreement is conditional until August 2009.
Fisher & Paykel Appliances is raising capital and selling assets to reduce debt. It earlier sold its Mosgiel site to Fonterra.
Fonterra plans to build a new 45,000 tonne drystore and a 17,000 tonne coolstore on the former 16.45ha Fisher & Paykel site.
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