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Credit Suisse pays NZ$102.5M for HSBC Tower in New Zealand

Credit Suisse Asset Management Global Real Estate, on behalf of Credit Suisse Real Estate Fund International, bought the 26-story HSBC Tower commercial property in Wellington, New Zealand, for CHF 70.1 million.

The grade A property within the Lambton Quay shopping precinct has a total floor area of 15,332 square meters.

HSBC Tower provides office and retail spaces, nearly 200 parking slots and a penthouse apartment. The fully leased building is anchored by the Ministry of Foreign Affairs and Trade and is also home to other blue-chip groups.

The lower section of the building's facade, which forms part of the former Hamilton Chambers building, was listed as an architectural landmark in 1981 because of its historical significance.

Property investor Mark Dunajtschik was the seller in the NZ$102.5 million transaction, The Australian Financial Review reported June 3.

As of June 1, US$1 was equivalent to NZ$1.43.