Fonterra Co-operative Group Limited plans to sell Fonterra House in London St, reinvest the proceeds in the business, and secure its ongoing tenancy of the Hamilton CBD building through a lease.
Director Group Procurement Gordon Rettkowicz said capital raised from the sale would be put to better use serving the Co-operative’s business strategy and priorities.
“Owning high-tech manufacturing plants so we can make the products our customers want when they want them is part of our core business. Owning commercial office spaces is not.
“We remain committed to Hamilton and will have a lease on Fonterra House after the sale. Our people will continue working there, and the only change will be the building’s new ownership,” said Mr Rettkowicz.
Marketing for the sale of the London St building begins this month by CBRE. Fonterra and its legacy companies including New Zealand Dairy Group have owned and occupied the building since the late 1960s.