Sale and Leaseback of Hautonga Street, Petone

22 Dec 2020

Steel & Tube Holdings Limited (NZX: STU) has signed an unconditional agreement to sell its property at 26 – 32 Hautonga St, Petone, Lower Hutt for $7 million on a sale and lease-back basis.

The sale is expected to be completed on 22 March 2021.

Steel & Tube will continue to lease the property for a term of 2 years with two further rights of renewal of one year each.

The transaction has no material impact on the normalised earnings guidance provided by the Company on 17 December 2020.