SkyCity Entertainment Group has confirmed the unconditional sale of its Albert Street office building and adjacent Victoria Street investment properties in Auckland. The transaction was finalized on July 17, 2026, with a total value of NZ$74.5m (US$43.6m).
Mainland Capital, a commercial property funds manager based in Christchurch, is set to acquire the assets in a joint venture with Russell Property Group. The filing with the New Zealand and Australian stock exchanges indicates that settlement is scheduled for September 1, 2026.
Asset Monetization Programme
This transaction is a component of the group's asset monetization programme, which was introduced alongside the FY25 results in August 2025. Under this initiative, SkyCity aims to divest approximately NZ$200m (US$117m) in assets to facilitate debt repayment.
The initial heads of agreement for these properties were disclosed on May 1, 2026, with financial terms remaining confidential until the current announcement.