ROXY-Pacific Holdings is buying a commercial building in Auckland, New Zealand, for NZ$72.55 million (S$68.2 million) excluding taxes, the property developer announced on Friday during the midday trading break.

The deal will be funded with internal resources and bank loans, and NZ$3.69 million will be paid as deposit upon the completion of due diligence.

The property at 280 Queen Street in Auckland's central business district comprises 11 levels of office space, three levels of retail space and secure off-street parking for 48 cars. The total site area is 2,253 square metres, with a net lettable area of 14,690 sq m.

Roxy-Pacific described the property as "a prime investment opportunity" with the "potential to be a stable source of rental income" for the group.

Roxy-Pacific shares did not trade on Friday morning, but were quoted at 38.5 Singapore cents bid, and 39.5 Singapore cents offered.

Adapted from The Business Times, 30 Nov, 2018