Listed commercial property investor Augusta Capital is selling its Auckland Finance Centre for a total of $96 million.
The prime central city site is to be sold as four separate properties, which will be settled over the next three years.
Augusta House office block will be sold for $30 million and settled this October.
The other properties on the site are a retail development for $25 million, a carpark for $30 million and an office podium development for $11 million, which will be progressively settled through 2018 and 2019.
The company will spend $1.1 million on capital work on the properties. It said the sale price is close to 4 percent above the current book value of the property.
Augusta said it will re-invest the proceeds of the sale into its funds management business, and the staged nature of the sale will give it a continuing stream of income.
A special shareholder meeting will be held to approve the sale.
The company is changing from a property investor into a funds manager, which acquires a property and then syndicates it to a group of investors.