$13m apartment deal goes unconditional
A much-flagged deal by listed property specialist Blue Chip to buy $13.4 million of Auckland apartments has gone unconditional.
Thursday, September 15th 2005, 8:32AM
by The Landlord
Blue Chip is buying 51 apartments and 22 car parks at the Darlinghurst, Guardian, Unilodge, Courtney Mews, Portland and The Crescent apartment buildings from Empress Leisure.It will pay $11.7 million in cash and the rest by issuing 1.4 million shares at $1.20.
Although Blue Chip announced the deal earlier this year, a short time later the deal failed to go unconditional.
Blue Chip has also bought two strata title floors in a Sydney commercial property at Walsh Bay from Australian developer Tesrol.
The floors will gain income by being leased to business clients and will house the head office of Blue Chip's Australian subsidiary, Blue Chip Financial Solutions.
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