Veritas Investments, the food and beverage investor, has sold the land and building owned by the Kiwi Pacific Foods at 22 Alderman Place, Mangere East, Auckland.

No conditions were attached to the sale, which took place yesterday.

Proceeds of the sale will first be used to repay Kiwi Pacific Food’s external debt, with the remainder to be distributed to each joint venture partner.

The sale of the freehold land and buildings at 22 Alderman Place follows the orderly wind down programme for the Auckland-based company, which has been agreed between Veritas and its joint venture partner, Antares Restaurant Group.

Kiwi Pacific Foods will continue with its orderly wind down process through the sale of its remaining assets, such as plant and equipment and stock.

Veritas bought half of meat patty maker Kiwi Pacific Foods in late 2013, which held a preferred supply deal with Burger King. The other half of Kiwi Pacific Foods is owned by Antares.

In April this year, Antares sought to quit the joint venture over a disputed interpretation of the supply deal, which led to arbitration between the companies. The arbitrator issued a declaration in favour of Antares’ intention to terminate the joint venture, which ended on April 24.