F&P Appliances Sells Auckland Plant Sep 10, 2009

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Fisher and Paykel Appliances has announced the sale of its East Tamaki plant in New Zealand for $74 million.

According to a National Business Review report, Direct Property Fund will pay $53 million for the refrigeration manufacturing facility, head office, and former laundry manufacturing building, with the deal settled next month, while the remainder of the site has been conditionally sold for another $21 million. The campus covers 14.4 hectares in East Tamaki and includes more than 62,000 sq ft of office and manufacturing facilities.

The report said that F&P Appliances plans to use the proceeds from the unconditional sale to pay off part of its $235 million amortising debt facility.
(National Business Review)

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