Property developer snaps up Auckland airport land

TransTasman paid $12 million for the "strategic" site fronting the main access road to the airport. Construction is to start in the fourth quarter of 2002.

The purchase, subject to Overseas Investment Commission consent, was in line with the company's objective to buy prime development sites, the company said in a statement.

Over the last year, the company has sold a significant number of New Zealand property assets worth $196 million to reduce debt and strengthen its balance sheet.

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