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Lees cut ties with WTC

28 Feb 2017

The Lee family has sold its interest in the World Trade Centre, but remains involved in Northbank with its development of Shed 5.

Riverlee Group was one of three owners of the World Trade Centre complex which last month sold for $267.5 million – almost $100 million more than it was worth two years ago.

Riverlee originally developed the three-tower complex and in 2014 sold 70 per cent to Abacus Property Group and global private equity firm KKR for $120 million.

The family’s proposal for a waterfront hotel and apartment complex on the site of the heritage-listed Shed 5 are being assessed by the Ministry for Planning.

Under the plans, the shed will be restored into a mixed-use retail, function space and hotel lobby that spills out into Seafarers Park, which is also slated for a facelift. A 180-room hotel and 250 apartments are the major focus.

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