Skycity Entertainment shares lift on unconditional NZ property divestment

The news: Shares in Skycity Entertainment rose in afternoon trade after the casino operator announced that the NZD74.5 million ($63 million) sale of its 99 Albert Street office tower and Victoria Street investment properties has become unconditional.

Shares rose 3.3% to 47 cents at 1:02pm AEST.

The context: The transaction is scheduled for settlement on 1 September, with the Auckland-based assets being acquired by Mainland Capital in a joint venture with the Russell Property Group.

Skycity CEO Jason Walbridge stated that the company will use the sale proceeds to repay corporate debts and navigate ongoing market volatility.