Kirkcaldie & Stains has entered into a conditional agreement with Australian retailer David Jones which will result in David Jones establishing its first department store in New Zealand from Kirkcaldie & Stains Lambton Quay premises from mid-2016.
David Jones has advised Kirkcaldie & Stains that the condition precedent of obtaining a satisfactory detailed seismic assessment report in respect to the department store premises has been satisfied.
The agreement is still conditional on approval of Kirkcaldie & Stains’ shareholders being obtained by July 30, consent of the landlord of the Lambton Quay store premises being obtained by July 2, and necessary consent required by the purchaser from the Overseas Investment Office being obtained by November 30.
Further details of the transaction will be disclosed in the notice of special meeting that will be distributed to the company’s shareholders in mid-July.
