New Zealand

Briefs

SINGAPORE (Aug 19): “We have a history of losses and, especially if we continue to grow at an accelerated rate, we may be unable to achieve profitability at a company level… for the foreseeable future.”Co-sharing space provider WeWork’s IPO prospectus, in which it disclosed full-year net losses of US$1.9 billion for 2018, up from 2017’s US$900 million.

Singapore slashes growth forecasts as economy stalls

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ST Group Food Industries acquires rights to NeNe Chicken brand in New Zealand

SINGAPORE (July 5): ST Food Industries (ST Group) has entered into a master franchise agreement with Hyein Foods Co for the exclusive rights to the ‘NeNe Chicken’ brand in New Zealand.

In an SGX filing on July 4, ST Group announced that the agreement was set to have an initial term of 10 years, with an option for a further 10 year renewal.

Naumi acquires two hotels in New Zealand for redevelopment

SINGAPORE (Nov 5): Naumi Hotels has acquired two hotels in Wellington, New Zealand – namely Comfort Hotel Wellington at Cuba Street and Quality Hotel Wellington along Dunlop Street – as part of the Singapore-based private hotel owner’s expansion plans.

Both hotels are reported to be owned by New Zealand ex-mayor Kerry Prendergast’s husband, Phil McGaveston, his company Sage Securities, Lynn King, Les Armstrong and Alan Stewart, Edwin Cooke and Timothy Holmes.

Colliers International brokered the deal on behalf of both Naumi Hotels and the properties’ owners.

Roxy-Pacific acquires commercial office building in Auckland for $62 mil

SINGAPORE (Sept 28): Roxy-Pacific is acquiring a commercial office building in New Zealand for a consideration of NZD63 million ($61.7 million).

Subsidiary Roxy-Pacific NZI entered into an agreement to acquire NZI Centre, a property located at 1 Fanshawe Street in Auckland.

The building is located in the western side on Auckland’s central business district with a leasehold tenure until Dec 31, 2036, which is perpetually renewable for 20 years.

Global Yellow Pages to buy New Zealand real estate for $37.3 mil

SINGAPORE (Sept 14): Global Yellow Pages announced Thursday that an indirect wholly-owned subsidiary, Bellfield Estate, has entered into a conditional agreement to acquire a plot of land in Papakura, New Zealand, for NZ$38.0 million ($37.3 million).

The plot of freehold land, which spans approximately 21.8521 hectares, is currently vacant with no activity.

The group says it intends to develop the land and subdivide it for sale. In addition, it is exploring the development of part of the land into residential houses and commercial units.

Small, island nations like New Zealand lead the digital pack

From Reuters

(July 13): Larger economies may be in danger of losing the digital race to smaller and more nimble nations.

Several Nordic countries, Switzerland and tech-centric South Korea are ahead of the US and Japan, according to a digital economy ranking conducted by researchers at Tufts University in partnership with Mastercard Inc. When also factoring in nations' relative digital momentum, the real stars are New Zealand, Singapore and the United Arab Emirates.

Hotel Grand Central to buy PWC Centre in Christchurch for $49 mil

SINGAPORE (June 8): Hotel Grand Central announced Thursday that wholly-owned subsidiary Grand Central (NZ) has entered into an agreement to acquire the PWC Centre in Christchurch, New Zealand for NZ$49.0 million ($48.6 million).

It had entered into a conditional sale and purchase agreement for the 6-storey commercial office building on May 10. The agreement became unconditional today, following due diligence investigation of the property.

Australia's AAA rating is back under the microscope

SYDNEY (May 9): Australia’s AAA rating is again under the microscope as the government prepares to deliver a budget Tuesday that appears long on spending pledges and short on savings.

Kiwis get twitchy as foreigners flock to New Zealand and don't leave

WELLINGTON (April 27): An unprecedented influx of immigrants is exacerbating a housing shortage and stretching infrastructure such as schools and hospitals, sparking heated political debate around the issue ahead of this year's general election.

Surfing trendsetters can make an economic splash

SYDNEY (MARCH 21): The discovery of a new surf spot allows a lucky board rider to commune with nature unfettered. Yet the inevitable influx of surfing hordes can also spur a burst of economic growth, according to new research.

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