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Kiwi Property closes NZ$123M sale of New Zealand property

Kiwi Property Group Ltd. completed the NZ$123.2 million sale of The Majestic Centre to Investec Australia Property Fund Ltd.

The 98%-occupied 100 Willis St. asset in Wellington, New Zealand, offers 24,469 square meters of gross leasable area, with office space spanning 22,147 square meters and a retail component measuring 2,322 square meters.

The deal is Investec's first investment in the country.

As of Dec. 8, US$1 was equivalent to NZ$1.46.