Capital Properties makes $31.3m Wellington purchase

The company says it has agreed to buy 89 The Terrace and Lambton Square for $31.3 million from Fletcher Building Retirement Plan.

CNZ says the property is a large office block and retail centre in the heart of Wellington's central business district.

It plans to pay for the purchase by issuing $10 million of new shares at 87.57 cents, $10 million of new capital notes at a yield of 8.5% per annum and $11.3 million in bank debt.

The deal became unconditional Friday following board approval and settlement is expected next week.

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