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- Release Date: 04/12/12 18:00
- Summary: ASSET: KRK: Market Announcement - Sale of Harbour City Centre Building
- Price Sensitive: No
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KRK
04/12/2012 16:00
ASSET
REL: 1600 HRS Kirkcaldie & Stains Limited
ASSET: KRK: Market Announcement - Sale of Harbour City Centre Building
The Directors of Kirkcaldie & Stains Limited (the "Company") refer to its
recent market announcements whereby the Company announced that its wholly
owned subsidiary, Kirkcaldie & Stains Properties Limited, had entered into a
conditional sale and purchase agreement for the sale of the Harbour City
Centre building.
As previously noted, the agreement was conditional amongst other matters on
the purchaser completing, and confirming satisfaction with, a due diligence
exercise by 5pm 30 November. The Company has received confirmation from the
purchaser that this condition has not been satisfied. Accordingly the
contract is at an end. Consistent with common practice, no reason was given
by the purchaser in its formal advice of termination. The Company
nevertheless understands that the purchaser, whilst happy with the main
building, concluded that the associated rear development site did not fit
with its business plans.
The Company is continuing to review its options with respect to the Harbour
City Centre buildings.
ENDS
Falcon Clouston
Chairman
Kirkcaldie & Stains Limited
P O Box 1494 Wellington 6140
P: 04 472 5899
End CA:00230664 For:KRK Type:ASSET Time:2012-12-04 16:00:57
