Roxy-Pacific Holdings Ltd.'s Roxy NZ – 280Q Ltd. terminated its nearly NZ$72.6 million agreement for the acquisition of the commercial building at 280 Queen St. in Auckland's central business district in New Zealand.

The subsidiary of the Singapore-based company made the decision after its due diligence process on the property produced unsatisfactory results, according to a press release.

Roxy NZ signed the deal for the canceled transaction in early December. The property it was targeting occupies a 2,253-square-meter site and has 14,690 square meters of net leasable area. It also features 11 floors of office space, a three-level retail area and 48 parking spaces.

As of Dec. 18, US$1 was equivalent to NZ$1.46.