Bank of Scotland has shown its confidence in the New Zealand and Australian property markets by funding New Zealand's largest ever residential property development. The Banks subsidiary Bank of Scotland International has also recently funded the purchase of four hotels in Australia.
New Zealand property
Bank of Scotland International is branching out into international property and it is not doing things by halves. The Bank which has offices in Auckland New Zealand has lent NZ$107 million (£38m) loan to Infinity Investment Group. The money is funding a huge development that could see homes for over 5000 people. The new development is set to be constructed at a 340 hectare green field site at Pegasus Bay which lies 15½ miles north of Christchurch on the east coast of the South Island.
Hugh Sykes, associate director of BOS International in Auckland, reports that his group now had more than $2.7 billion loaned to New Zealand businesses.
Bank of Scotland is helping to fund the biggest hotel sale in Australia this year, in its first deal in the sector. The bank is backing the Mirvac Group to buy the Carlton Hotel portfolio of four properties for A$328m (£130m). The hotels were put on the market by Hong Kong's Li family in August.
The hotels include Brisbane's largest, the 431-room, twin-tower Carlton Crest, the Carlton Crest Sydney which has 251 rooms and the Carlton Crest Melbourne which has 374. Following the completion of the sale, Mirvac will be one of Australia's largest hotel operators, managing more than 5000 rooms across 37 hotels.
Overseas property buyers
Overseas property investors who have bought homes in Auckland, New Zealand, will have seen a gain on their outlay during 2006 with the average price of a home prices said to be NZ$487,229 (£159,272).
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