Auckland Real Estate Trust entered a conditional Deed of Variation to acquire two further properties in the Auckland CBD at 60 Federal St and 16 Kingston St for NZD 58 million in early 2020. The trust paid a non-refundable deposit of NZD 5 million. Transaction is subject to a Finance Condition being satisfied by the Trust. The trust received credit approval from the existing senior lender to increase the current debt facility by NZD 30 million to partially fund the acquisition. Remaining consideration of NZD 23 million will be funded from non-bank bridge loan. The acquisition is due to settle on March 31, 2021. As of March 11, 2021, the acquisition is due to settle at the end of March 2021.