SkyCity Entertainment sells Auckland sites for $NZ74.5M
- SkyCity Entertainment (ASX:SKC) went unconditional on the NZ$74.5 million sale of key Auckland real estate assets.
- Proceeds will go directly towards paying down corporate debt and strengthening the balance sheet.
- The divestment aligns with the company's broader strategic asset monetisation programme during a challenging economic climate.
SkyCity Entertainment (ASX:SKC) has finalised an unconditional agreement to sell its 99 Albert Street office building and Victoria Street investment properties in Auckland for NZ$74.5 million.
The real estate divestment comes as the casino operator faces broader macroeconomic headwinds and softer trading conditions across its regional properties.
The properties are being acquired by Mainland Capital through a joint venture with Russell Property Group.
Net proceeds from the asset sale will be used to reduce debt obligations and strengthen balance sheet stability, according to the company.
The deal forms part of an ongoing asset monetisation initiative to optimise the casino operator's capital structure.
Following the announcement, the SkyCity Entertainment share price was unchanged at $0.46.
The company continues to review additional non-core real estate assets to maintain flexibility across its core entertainment precincts.
