Port of Tauranga in New Zealand has completed the sale of a logistics property on the South Island for NZD 57 million (equivalent to USD 31 million). This action is part of the port's broader plan to reduce assets and free up capital for investment in port infrastructure.
Details of the Property Sale in Rolleston
The sold property, located at 5 Baltimore Drive in Rolleston, Canterbury, covers an area of 15 hectares and includes an intermodal transport center, a 650-meter rail line, and a warehouse of 18,000 square meters built in 2019. This industrial site also has seven hectares of undeveloped land. The identity of the buyer has not yet been disclosed.
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Future Plans for Port of Tauranga
This transaction follows the sale of the Gateside industrial property in Auckland to Trade Depot in September for NZD 88.7 million (equivalent to USD 52 million at that time). Leonard Sampson, CEO of Port of Tauranga, stated that these two sites were identified for sale after reviewing the group's asset portfolio.
The company's goal in selling non-core assets is to direct proceeds towards infrastructure that supports the port's core operations and transportation. The port's investment plan includes the development of Stella Passage, which aims to extend the Sulphur Point container wharf by 385 meters and the Mount Maunganui wharves by 315 meters. This project received fast-track approval in September this year but still faces legal challenges that were raised earlier this month. Port of Tauranga has stated that it is seeking to hold an expedited court hearing.
The sale of the property in Rolleston marks the second successful transaction under the port's current program. Port of Tauranga has not yet specified how the proceeds from this sale will be allocated among individual infrastructure projects.
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