SINGAPORE (Jan 22): Luxury watch retailer The Hour Glass has entered into sale and purchase agreements to acquire two office buildings along Queen Street in Auckland, New Zealand, for a total consideration of NZ$60.0 million ($54.0 million).

Both properties are five-storey retail and commercial office buildings on freehold leases.

They sit on a total site area of 392 sqm and have a total gross lettable area of 1,736 sqm (18,700 sq ft).

The purchase consideration will be funded by internal resources and bank borrowings.

The Hour Glass says the properties, located in Auckland’s prime luxury retail precinct, will provide the group with the opportunity to develop and strengthen its footprint in New Zealand over time.

Shares in The Hour Glass closed half a cent lower at 80 cents on Wednesday before the announcement.

 

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