New Zealand’s SkyCity Entertainment Group has reached an agreement to sell off commercial properties located near its flagship SkyCity Auckland integrated resort for NZ$74.5 million (US$43.5 million) – part of a recently flagged asset monetization program.
The company revealed Friday morning that it had agreed the unconditional sale of its 99 Albert Street office building and investment properties on Victoria Street to Mainland Capital, a Christchurch-based commercial property funds manager, in a joint venture with Russell Property Group. The expected settlement date is 1 September 2026.
“We are pleased that the sale of the commercial properties has progressed to an unconditional status,” said SkyCity CEO Jason Walbridge.
“Mainland Capital shares our commitment to enhancing the precinct, and we look forward to working with them as valued neighbors. SkyCity will use the capital proceeds to repay debt and provide SkyCity with greater financial flexibility to navigate current market conditions.”
SkyCity first announced plans to sell off some assets last August, one of a series of balance sheet initiatives aimed at boosting liquidity and reducing leverage during a period of “continued economic weakness” in the ANZ market.
These initiatives also included a NZ$240 million (US$140 million) equity raising, comprising a NZ$81 million (US$47 million) institutional placement and NZ$159 million (US$93 million) entitlement offer.
SkyCity said at the time that it was hoping to reduce leverage from 3.1x to 2.2x in FY26 and to 2.0x by FY27.
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