SkyCity Entertainment Group has confirmed that the sale of its 99 Albert Street office building and adjacent Victoria Street investment properties in Auckland is now unconditional, with the assets to be sold for NZ$74.5 million ($43.6 million), according to a Friday filing with the New Zealand and Australian stock exchanges.
Mainland Capital, a Christchurch-based commercial property funds manager, will acquire the properties in a joint venture with Russell Property Group. Settlement is expected on September 1st, 2026, the filing shows.
The transaction forms part of SkyCity’s asset monetization program, launched alongside its FY25 results in August 2025, under which the group aims to divest around NZ$200 million ($117 million) of assets to repay debt. A heads of agreement for the properties was first disclosed on May 1st, 2026, with financial terms kept confidential until now.
Chief Executive Officer Jason Walbridge said the capital proceeds would be used to repay debt and give the group “greater financial flexibility to navigate current market conditions.”
99 Albert Street, which houses SkyCity’s Auckland headquarters, was purchased by the group for NZ$47 million in 2017.
SkyCity is still seeking buyers for The Grand by SkyCity hotel, marketed through an international expressions of interest campaign, as well as its Auckland car park concession, which has yet to attract an offer meeting the group’s commercial objectives. In May, the group trimmed its FY26 EBITDA guidance, citing weaker discretionary spending at its Auckland and Adelaide precincts.
