St Laurence sells Wellington building

St Laurence Property & Finance sold Eagle Technology House in Wellington for $23 million helping raise funds as it repays debenture stock. 

The property investor repaid $7.3 million of debentures due April 29, executive chairman Kevin Podmore said. The group was “pleased with the price achieved in the current market” for the 11 floor building in Wellington’s Victoria Street, he said.    

St Laurence said the combined value of its investment and development/joint venture property portfolio fell about 13% in the 12 months through March. The investment portfolio declined by 10.2% while the development portfolio climbed 18.5%, it said.    

St Laurence won appproval from debenture and note holders in December for its recapitalization plan, under which Podmore put up some of his own assets and the company agreed to a moratorium, with quarterly payments of capital. 

Businesswire.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

GEN - Completion of Purchase of Premium Funding Business
Fletcher Building Announces Executive Appointment
WCO - Director independence determination
AIA - welcomes Ngahuia Leighton as 'Future Director'
Mercury announces Executive team changes
Fonterra launches Retail Bond Offer
October 29th Morning Report
BIF adds Zincovery to its investment portfolio
General Capital Resignation of Director
General Capital subsidiary General Finance update