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Port of Tauranga Limited sold a property in the Onehunga suburb of Auckland to Trade Depot for USD 55.7 million. The sale is part of the Port of Tauranga's capital recycling program, which seeks to unlock value from non-strategic real estate assets to reinvest capital in strategic infrastructure projects that support the long-term growth of New Zealand's largest port.
Port of Tauranga's General Manager of Property and Infrastructure, Dan Kneebone, stated that the transaction was a positive outcome for both his institution and Trade Depot, one of the current tenants of the property.
"We are pleased to have reached an agreement with Trade Depot and look forward to seeing them make the most of the site's potential. This sale allows us to redirect investment towards projects that strengthen our port and freight operations, and improve our capital efficiency," said Kneebone.
The Onehunga property, known as "Gateside," comprises 6.84 hectares of land with heavy industrial zoning and 17,779 square meters of buildings. Trade Depot plans to use the property to support the continued growth and expansion of its business in the Auckland market.
