9th September 2021 By Staff Reporter | firstname.lastname@example.org | @foodtickernz
Synlait Milk has sold its Auckland premises at Richard Pearce Drive for $30.05m and will lease back the property.
The sale and leaseback deal has an initial lease term of 10 years with settlement expected on 4 October 2021.
The Auckland site formed part of the company’s North Island manufacturing network and provided additional blending and canning capacity, warehousing, and office space.
Synlait said it acquired the property in May 2017, when the land and buildings were valued at $12.4m, putting the uplift in value at $17.64m over almost four years.
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