Wed, 10 Aug 2005
TOWER announced today the sale by TOWER Life of its Customhouse Quay Wellington property for NZ$23.45m.
The sale, to a NZ purchaser, is due to be settled in cash on 31 August 2005.
TOWER Limited Group Chief Executive Officer Jim Minto said: “This property is owned by our policyholders and this offer is a good one for them. We canvassed the market and issued information packs to some 64 parties. We received 14 formal expressions of interest. Our policyholders will benefit from diversifying their investment and the sale at this time on these terms is in their best interests.”
TOWER’s New Zealand Investment business is centred on Wellington and will continue to lease office space in the Customhouse Quay building for at least the next four years. Call centres supporting TOWER’s General Insurance and Health & Life businesses are also located in Wellington. Jim Minto said: “The sale of the building is for the benefit of TOWER policyholders and does not reflect a reduced commitment to TOWER’s Wellington business presence.”
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