Roxy-Pacific buys NZ office tower for NZ$63m

REAL estate developer Roxy-Pacific Holdings said on Thursday that it will acquire NZI Centre in Auckland, New Zealand, for some NZ$63 million (S$61.7 million).

The property, a commercial office building situated on the western side of Auckland's Central Business District, has a leasehold tenure until Dec 31, 2036.

It is currently fully leased to IAG New Zealand, one of the largest insurers in the country.

Roxy-Pacific believes that the property presents a prime investment opportunity and has the potential to be a stable source of rental income for the group.