New Zealand’s SkyCity Entertainment Group Limited has sold the long-term concession over its Auckland carparks to Macquarie Principal Finance Group (MPF) for NZ$220 million.
In an announcement on Friday, SkyCity said the sale of the concession, which covers around 3,200 parking spaces and runs through to June 2048, was part of the company’s strategy of offloading certain non-core assets and allocating capital to assets and businesses which are better aligned with its long-term strategic objectives.
As part of the deal, MPF will be required to perform parking operations in accordance with agreed service standards while the car park will remain available for public use, including entitlements currently enjoyed by SkyCity staff and customers. MPF has appointed Care Park to operate the car park.
SkyCity, which last year sold one its car parks for NZ$40 million, will retain ownership of the land and carpark infrastructure.