280QueenStRoxy-Pacific is buying 280 Queen Street, just down the road from 205 Queen Street which it bought in Dec 2017.Singapore-listed Roxy-Pacific Holdings is making its third investment in New Zealand property for rental income -- a commercial asset in Auckland CBD.

Its indirect subsidiary, Roxy NZ – 280Q Limited, has entered into an agreement with LGGM Limited to acquire the property located at 280 Queen Street for NZD72,550,000 (excluding applicable taxes).

Interestingly, this property is a 2-minute walk from 205 Queen Street, which Roxy-Pacific owns 50% of through a JV with Chip Eng Seng, a fellow Singapore property group.


How Roxy-Pacific's investment property portfolio in NZ is shaping up:

Location

Description

Date of acquisition

Group’s stake

Net 
Lettable Area 

Purchase Cost
(NZD)

1

NZI Centre, 1 Fanshawe Street, Auckland

6-storey commercial building

15 Dec 17

100%

9,446 sqm

63,000,000

2

205 Queen Street, Auckland

2 office towers with 17 and 22 storeys

20 Dec 17

50%

25,367 sqm

173,980,000

3

280 Queen Street, Auckland,

11 levels of commercial office space, 3 levels of retail and secure off-street parking for 48 cars

Pending

100%

14,690 sqm

72,550,000



NZD3,690,000 shall be paid as a deposit upon completion of due diligence review of 280 Queen Street.

The consideration will be financed by internal funds and bank borrowings and is not expected to have a material impact on the Group’s consolidated earnings and net tangible assets per share of the Company for the current financial year ending 31 December 2018.

Stock price 

39.5 c

52-week range

38  – 54 c

PE (ttm)

21

Market cap

S$515 m

Shares outstanding

1.31 b

Dividend 
yield
(ttm)

2.27%

1-year return

-17%

Source: Bloomberg

The property comprises a building with 11 levels of commercial office space, 3 levels of retail and secure off-street parking for 48 cars.

It has a total site area of 2,253 square metres, and a net lettable area of 14,690 square metres.

Roxy Pacific

Stock price: 
39.5 c

Adjusted net asset value: 
75.43 c

The Board believes that the Property "presents a prime investment opportunity and has potential to be a stable source of rental income for the Group."

Colliers International's website said: "The property currently offers multiple income streams from 28 tenants, returning $4,658,044 plus GST in net annual rent.

"The comparatively short weighted average lease term provides an opportunity to reposition the property and add value through refurbishment or repositioning."


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