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Singaporean company takes a slice of Kiwi property in 1st New Zealand foray

Singaporean property and hospitality company Roxy-Pacific Holdings Ltd., in a 50/50 joint venture with Chip Eng Seng Corp. Ltd., is acquiring twin commercial towers in Auckland, New Zealand, for NZ$174.0 million, marking its first foray into the country.

The two towers, standing 17 stories and 22 stories tall, respectively, along with a retail podium, comprise the 96.37%-leased grade A property at 205 Queen St. The development has a site area of 3,764 square meters and provides a net lettable area of 25,381 square meters.

Roxy-Pacific CEO and Executive Chairman Teo Hong Lim said the company's New Zealand investment was financed using proceeds from the A$158 million sale of a Sydney office tower to a fund managed by fellow Singaporean company SC Capital Partners.

As of Aug. 3, US$ 1 was equivalent to NZ$1.34 and A$1.26.