The University of Auckland enters agreement to sell its Tāmaki Campus
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11/04/2016. 17:38
KoreaPost
The University of Auckland has agreed to sell its Tāmaki Campus to local property investment company Tāmaki Village Limited (TVL).
The agreement is part of the University's strategy to make more efficient use of its resources, and consolidate its activities at its City, Grafton and Newmarket campuses. Including the sale of Tāmaki, the University has reduced its landholdings by some 27 hectares since 2013.
Vice-Chancellor, Professor Stuart McCutcheon says the proceeds of the sale will go towards the much-needed refurbishment and updating of the University's facilities.
"As part of our well-documented campus renewal plan, we are upgrading our existing buildings and constructing new, high-quality buildings. We are doing this in order to provide modern research, teaching and study environments for all our staff and students," says Professor McCutcheon.
The University is investing $1billion in high-quality campus development over the current decade.
The sale agreement provides for the University to lease back its core buildings and a number of car parks at Tāmaki for a maximum period of three and a half years. This will provide continuity of its operations while it develops facilities on the central city campuses to accommodate the staff and students currently remaining at Tāmaki. The University has also put in place a long-term lease for the data centre.
The commercial terms of the agreement remain confidential.
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