SINGAPORE (June 8): Hotel Grand Central announced Thursday that wholly-owned subsidiary Grand Central (NZ) has entered into an agreement to acquire the PWC Centre in Christchurch, New Zealand for NZ$49.0 million ($48.6 million).

It had entered into a conditional sale and purchase agreement for the 6-storey commercial office building on May 10. The agreement became unconditional today, following due diligence investigation of the property.

The PWC Centre sits on a total land area of 3,749 sqm on Cashel Street. The property has a lettable area of 7,917 sqm, and is currently let out with a net rental of NZ$3.3 million per annum.

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