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Fletcher Building Limited ( (FRCEF) ) has provided an announcement.
Fletcher Building has agreed to sell its industrial property on Felix Street in Onehunga, Auckland to Goodman Property Trust for $53.5 million, following its decision to relocate PlaceMakers Frame & Truss operations to the former CleverCore site in Wiri. The deal, which is expected to settle at the end of May 2026, forms part of the company’s wider move to streamline its property footprint and redeploy assets.
The sale is expected to generate an estimated gain of about $11 million, to be recognised in Fletcher Building’s FY26 EBIT, partly offsetting ongoing weakness in residential house sales. Management highlighted that the transaction, together with around $30 million in avoided capital expenditure at Felix Street, supports progress toward the company’s net debt target range and strengthens its balance sheet resilience.
More about Fletcher Building Limited
Fletcher Building Limited is a New Zealand-based construction and building materials company, with operations that span manufacturing, distribution and related services for the construction and housing sectors. The group’s activities include supplying products and solutions to residential, commercial and infrastructure markets across New Zealand and Australia.
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