McKenna sells third of a billion dollar Queenstown Development

July 25 2007 TMC Net

(New Zealand Press Association Via Thomson Dialog NewsEdge) Wellington, July 26 NZPA - Property developer Nigel McKenna said today he had sold a third of what will be a billion dollar development at Kawarau Falls Station near Queenstown.

In one of the largest property transactions negotiated in New Zealand, UK-based BlueSky Capital will invest over $300 million in Melview Developments' resort.

Mr McKenna said the investment had been granted Overseas Investment Office (OIO) approval, for the purchase which includes the five-star boutique Westin Hotel, the 221-room Intercontinental announced last week, plus a 197-room serviced apartment hotel.