Half of Auckland's PWC Tower goes up for sale, valued at NZ$600 million
A 50% stake in Auckland's PWC Tower has been put up for sale. RNZ Business reports the building has been valued at NZ$600 million. The transaction is seen as a key test of investor appetite for office property in New Zealand.
Half of Auckland's PWC Tower has been listed for sale, RNZ Business reports. The building has been valued at NZ$600 million, and the advisers running the process have begun first contacts with institutional investors.
The tower is considered one of New Zealand's largest commercial office assets. RNZ notes that valuations have been under pressure in global office markets recently, while rents have continued to grow in Auckland. The seller side argues that the tenant roster could support pricing.
The transaction will be a significant reference point for the property sector. RNZ says possible buyers include overseas pension funds and domestic institutional investors. Investors plan to use the result as a benchmark for other office assets. None of this constitutes investment advice.
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