Roxy-Pacific won't proceed with purchase of NZ building

Singapore

ROXY-PACIFIC Holdings on Tuesday updated on its earlier announced proposed acquisition of a New Zealand property, saying that after performing due diligence investigation of the property, it is "not satisfied" that the property is suitable for its requirements, and will not be proceeding with the deal.

The property and hospitality group had on Nov 30 said that it was buying a commercial building in Auckland, New Zealand, for NZ$72.55 million (S$68.2 million) excluding taxes.