SkyCity confirms Auckland property sale
The sale of the office building and investment properties has become unconditional.
New Zealand.- SkyCity Entertainment Group has announced that the sale of its 99 Albert Street office building and investment properties on Victoria Street in Auckland has become unconditional. The properties will be acquired for NZ$74.5m (US$43.6m) by Christchurch-based Mainland Capital in a joint venture with Russell Property Group. Settlement is expected to take place on September 1, 2026.
SkyCity stated that the capital proceeds from the transaction will be used to repay debt and provide the company with greater financial flexibility as it continues to navigate current market conditions.
Jason Walbridge, SkyCity chief executive officer, said: “We are pleased that the sale of the Commercial Properties has progressed to an unconditional status. Mainland Capital shares our commitment to enhancing the precinct, and we look forward to working with them as valued neighbours,” he said.
Mainland Capital and Russell Property Group will take ownership of the properties upon settlement, while SkyCity will focus on its core entertainment and gaming operations in New Zealand and Australia.
