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Kiwi Income Sells Wellington Building

Fuseworks Media
Fuseworks Media

Wellington, March 30 NZPA - Kiwi Income Property (KIP) has sold BP House on Customhouse Quay in Wellington for $26 million.

The sale price was in line with last week's valuation of $26.3m and the money will be used to repay bank debt, the trust announced to the share market today.

KIP bought 10-storey BP House in 1994.

Chief executive Chris Gudgeon would not reveal who bought the building but said it was a New Zealand company.

Rent from the building was worth about 7.3 percent of the sale price.

The sale is due to settle no later than August 18. It remains subject to BP Oil New Zealand's first right of refusal.

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