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Simpson Grierson advises on biggest New Zealand CBD property deal since 2010

January 19, 2018

Contacts

Partners Greg Allen, Greg Towers, Andrew Harkness, Simon Vannini
Senior Associates Tara Wylie, Richard Evans, Zelda Gower

Simpson Grierson news and events

Simpson Grierson advised Roxy-CES (NZ) Limited (a JV company between Singapore listed property group Roxy-Pacific Holdings Ltd and Singapore listed property group, Chip Eng Seng Corporation) on its acquisition of 205 Queen St in Auckland for $174 million. This deal settled on 20 December 2017.

The two buildings, formerly known as the National Bank Towers, went on the market last year with close to $1.5 billion in bids from around the world. The sale is the biggest Auckland CBD property deal since 2010. It shows that New Zealand is a favoured location for international investment.

A week prior, Simpson Grierson also completed Roxy-Pacific’s $63 million purchase of 1 Fanshawe St (fully leased to New Zealand’s largest insurer IAG New Zealand).

Tara Wylie, who played a lead role in both transactions said “settling two such major property deals within a week was highly challenging but evidences the expertise and skill within the firm.  It also highlights our broad range of experts which allows our clients to get all their advice at the same place.”

The team included Greg Allen, Greg Towers, Richard Evans and Rachel Witney. Andrew Harkness and Zelda Gower advised on the financing by DBS Bank (Singapore) on both deals and Simon Vannini and Viktoriya Pashorina-Nichols assisted on commercial matters.