A total amount of $45.5 million was achieved by New Zealand Post’s seven property sell down; however the company has not revealed the identity of the purchaser.

As of now, New Zealand Post media communications manager Keith FitzPatrick would not reveal the prices of each individual property, except the $45.5 million total of all seven sales.

Furthermore, till the time, the deal, handled by Colliers International, settles by the end of June, the identity of the purchaser will not be disclosed.

Recently, the downstream businesses in New Zealand were reviewed by Oil giant Shell including its 230 petrol stations following which it has appointed UBS to find a buyer.

It was a confirmed by a spokeswoman for Shell that the company would be selling everything, however will keep its extensive oil and gas exploration assets in New Zealand, mostly in Taranaki, and a 36 per cent stake in Construction Company Fulton and Hogan.

It has been informed by Ports of Auckland that since its container wharves are undergoing an enormous restructuring, 28 professionals would lose their jobs.
Last month, the port’s initial proposal had come to scene, which had specified an overall reduction in staff numbers of 30, out of a total of 202 who work in the affected parts of the business.
The majority of visiting container ships would be berthed by the port at its newly expanded Fergusson terminal, and base all stevedoring staff there from the month of July.

In a representative hearing, which will decide the fate of investors in three apartment buildings, saw retired Aucklander Peggy Whyte becoming the first Blue Chip investor to take the stand.

It should be noted that of 34 inventors who have targeted three property development companies Greenstone Barclay Trustees, Turn and Wave and Icon Central in a court case that is likely to last six weeks, Mrs. Whyte is also one of them.

Statistics for accommodation have witnessed a drop by 11% for the month of March, mostly affected by the late arrival of Easter this year.

For accommodation providers the depressed headline numbers from Statistics New Zealand are more bad news, but are unsurprising.

The statistics were low universally across the country and led by a 24 % decrease in paid guest nights in camping grounds for each accommodation type, typically strong performers during the Easter break.

Approximately 82,000 New Zealand firms have had their credit risk or payment profile downgraded since January 2008, as they clearly saw the signs of stress in the recessionary economy.

It was confirmed by Credit reporting agency Dun & Bradstreet, which released the data today that this has come as the largest number of downgrades ever, over a 15 month period.