Oyster Property Group and its joint venture partner have settled the $209 million purchase of Central Park Corporate Centre in the heart of the popular southern corridor, just 6 km from Auckland’s CBD.
The purchase was completed in partnership with global investment firm, KKR.
Oyster’s CEO, Mark Schiele, says the acquisition, is consistent with Oyster’s strategy of partnering with appropriate capital at different points in the property cycle, and adding value through asset management expertise.
“It builds on our purchase of the Millennium Centre Business Park in 2017. We believe the Greenlane area offers great investment returns for the future which is why we see Central Park as a real opportunity.”
Central Park spans a large 6-hectare site and accommodates more than 60 businesses and 2,100 employees across 11 buildings. The total net lettable area is approximately 44,000m². Key tenants within the business park include Genesis Energy, Restaurant Brands, Youi, Mars, Toshiba, George Weston Foods, Department of Corrections and Salmat.
With the addition of Central Park, Oyster’s property assets under management now exceed $1.4 billion.
Oyster Property Group is a leading New Zealand commercial property and funds manager. It has particular expertise in property fund structuring and equity raising, and currently manages over 20 property funds structured for retail and wholesale investors including the diversified Oyster Direct Property Fund.
The Group partners with institutional capital and private equity investing in commercial property and holds management mandates with third party property owners across development, asset management, property and facilities management, and retail leasing.
The Group manages a range of retail, office and industrial assets throughout New Zealand, with a combined value in excess of NZ$1.4B. Oyster’s team comprises specialists in transactions, asset and property management, development and finance.
Oyster Property Group is 50% owned by ASX listed Cromwell Property Group.